Get the complete picture here:
http://kittlemanrealtygroup.com/2010/06/howard-county-real-estate-market-stats-may-2010/

Here’s where you can find the numbers:
http://kittlemanrealtygroup.com/2010/06/montgomery-county-real-estate-statistics-may-2010/

- Tom

Great news for homebuyers EVERYWHERE!  See prior two posts for the particulars of this new legislation. 

As always, you can call us directly at 301.785.5889 if you have any questions about the new law or your eligibility.

Some more GREAT NEWS we can all use!

NAR Homebuyer Tax Credit Summary (click link to open PDF in new window)

(A summary of the November 2009 Tax Credit)

This just in:

Today the House voted 403-12 to extend and expand this tax credit to include existing homeowners who are looking to move. The Senate already approved the measure yesterday.  The White House has stated that President Obama will sign the extension tomorrow (Friday).

Buyers who have owned their homes for at least 5 years will be eligible for Federal tax credits of up to $6,500.

First-time homebuyers (including anyone who hasn’t owned a home in the last 3 years) will get up to $8,000, equal to the current tax credit.

To get the tax credit, buyers must sign a purchase agreement by April 30, 2010, with a settlement (closing) by June 30, 2010.

Now that is some great news we can all use!

 How will these incentives help?  Negotiating a short sale can take four to five months to complete, and buyers often walk away from sales because banks are slow to respond, or balk at the offer.  The incentives will be calculated on recent declines of local home prices and average home prices in these markets, the Treasury said in May.  They would add to other incentives that servicers can receive for reducing loan payments.  In May, the Treasury proposed that lenders would receive $1,000 for allowing the owner to sell the house for less than the amount owed on the mortgage, and accepting the proceeds as full repayment.  They will also receive $1,000 for accepting a similar deed-in-lieu transaction, in which the deed is simply transferred to the lender instead of going through a costly foreclosure.  Borrowers who agree to short sales or deed-in-lieu deals can receive up to $1,500 in closing costs.  Treasury also said it will pay second lien holders up to $1,000 to relinquish  their claims in such transactions.

 There are many ways to get your home sold so you can get out from under that mortgage and move on with your life.  Call us at 301-785-5889 today.  We’ll listen to your specific situation and offer some options.

Remember – we’re here to help.

[Source: Chris McLaughlin newsletter]

• The percentage of first-time buyers dipped to 29 percent as a result of more repeat buyers entering the market, suggesting signs of a return to a more balanced market.

• Americans have shifted into savings and are now putting away a larger portion of their income – so much that the U.S. savings rate has now surpassed that of Canada!

• Home prices edged up almost 4 percent between May and June of 2009, due to repeat buyers purchasing at higher price points, and distressed properties accounting for a smaller percentage of sales (33 percent of sales, compared to 45 percent the month before).

For a look at local market conditions, please contact us by email or by phone (301-785-5889).  One thing’s for certain in real estate – the housing market that matters most is the one right outside your door!

Trent Kittleman, Sue Buswell and Laura Kittleman hosted a wine & cheese party at the Kittleman Family Farm on Friday August 7. Enjoyed under the stars, the event offered an opportunity to re-connect with old friends and make new ones. The Women’s Giving Circle (WGC) of Howard County was the featured attraction, and participants were informed and educated about the WGC and its mission.

Trent Kittleman introduced Yolanda Bruno and Mary Ann Scully, who talked about the history, organization and programs of the WGC. Click here for more information about this group and ways you can get involved.

Yolanda Bruno	Mary Ann Scully	Trent Kittleman

This is the second straight month of increased sales, due mainly to a plentiful supply of homes and availability of attractive mortgage rates. According to NAR, this is the first back-to-back rise since August and September 2005. “While sales may not have yet reached an absolute bottom, clearly a bottoming process is underway,” said Wachovia, a financial services firm.

The total existing-homes supply stands at 3.8 million units, a 9.6-month supply at the current pace of sales.  Less than 6 months of supply equates to a seller’s market, whereas more than 6 months of supply indicates a buyer’s market.

We’re still in a buyer’s market, but signs of a bottoming out are being seen by experts.

That’s some good news we can all use!