Tag Archives: first time home buyers
If we only had a real estate crystal ball. “Where are we and where are we going?” Are questions that we get asked a lot lately. Well, we don’t have a real estate crystal ball but here are some answers based on trends that are now becoming apparent.
First, market activity has improved dramatically over this time last year. It has been over 12 months since the stock market hit bottom. Investor confidence is returning. Many Americans are feeling more confident about their wealth – so long as they have stability in their job. Allen Tate Company’s sales volume has increased 25% YTD vs. same period last year and each month is showing stronger gains.
The 2009 tax credit certainly helped the market with first-time buyer tax credits. The extension of those credits and the addition of the repeat buyer credit are helping us right now. There remains uncertainty of what will happen as those credits expire April 30. If you plan to take advantage, NOW is the time! Please contact the Lee Ann Miller Team to get started and get under contract by April 30. There will be NO better time than now to buy a home.
Prices remain well below the peak of several years ago and I expect any appreciation to be slow in coming. While many industry leaders are declaring “increases in average sale prices”, look carefully at this. The higher-end market is beginning to see signs of activity now. Those sales are having a positive influence on the average sale price but it is my opinion there is very little true appreciation in the market. Nonetheless, long-term opportunities are plentiful right now.
Interest rates remain at or near 5%. Two influences will impact rates in the near-term. The Fed is preparing to cease purchasing “Mortgage Backed Securities”, so it is likely that rates will rise slightly as the open market investors will demand higher returns. Opposing that influence is the position by the Fed that they intend to keep rates at historical lows for the foreseeable future. Bottom line – I expect rates to remain between 5% – 6% in 2010.
So, this is very good news for you. The buying opportunity right now is as good as it will get. The market activity has improved dramatically. The higher-end market activity is thawing. Please call us if you are interested in a summary of your personal needs. We would be delighted to assist you or your friends.
Sincerely,
The Lee Ann Miller Team
.

As 2009 comes to a close, we want to share plenty of good news with you on the residential real estate front.
First, we are thrilled to see the federal government pass the extension and the enhancements to the home buyer’s tax credit. This will significantly help the real estate market lead the economy into stronger times. To summarize the new program:
- First-time buyers are eligible for up to an $8,000 credit and now have until April 30, 2010 to be under contract (and close by June 30, 2010).
- Repeat buyers who have lived in their current home for at least five consecutive years of the past eight years are eligible for a tax credit up to $6,500.
- Higher income limits – Both first-timers and repeat buyers may purchase a principal residence up to $800,000. Income limits to qualify have been increased to $125,000 for single tax filers and $225,000 for joint filers.
- Credits are effective NOW – The new legislation replaces the former tax credit scheduled to expire November 30.
- Credits do not need to be repaid – The credits for both first-time buyers and repeat buyers are true credits and do not need to be repaid unless the home is sold within three years of purchase. The credits are claimed on the buyer’s federal income tax return filed for the year they purchase their home.
- Interest rates are still historically low and selection is excellent. The rates are likely to rise in March when the Feds will pull back on the purchase of mortgage-based securities. Act now to lock in those low rates.
The Lee Ann Miller Team
704-896-5141 Office

Carolina Multiple Listing Service (CMLS) recently released the results for the month of October, $20 million sold and $20 million closed for the Carolinas real estate market. Also, happy to report that the sales volume is up 129% (yes more than double) from October 2008 and closed volume up 44% from October 2008. We think we are starting to see a turnaround. It may be a slow & gradual rebound, but let’s be thankful for the rebound!
Contact The Lee Ann Miller Team today to begin your journey in this positive real estate market.
704-896-5141 Office