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Take Advantage of Tax Credit until April 30, 2010 – Jump on it.

Friday, March 26th, 2010

The federal tax credit for first time home buyers and existing home buyers has certainly propelling last minute sales. According to ABOR, there has been a 28% increase of home sales in March, 2010, compared to home sales from last March, 2009.

Last year there was an atmosphere of uncertainty regarding the real estate market that may have also contributed to this increase. Regardless, the increase is a positive sign of recovery. Home owners must have a home under contract by April 30th of this year, in order to qualify for the $8,000 tax credit for first time buyers, or the $6,500 tax credit for repeat buyers. ABOR indicates that Austin’s median home value has held steady at $180,000. Homes are selling faster.

Increased sales and stable home prices indicate a good economic environment here in Austin. However, the immediate future of the housing picture is unknown. Austin Centric is wondering if the tax credit is the main reason people were buying more homes throughout 2009 and early 2010. Another concern our clients have is whether the prices of homes will decrease when the subsidy is gone. We certainly welcome your thoughts and ideas.

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