Evers & Co. Real Estate President Donna Evers Reports on Latest Washington, D.C. Residential Housing Market Indicators and Homebuyers’ Tax Credit Extension
Fueled by the success of the First-Time Homebuyers’ Tax Credit program, President Obama recently signed a bill to extend and expand the federal tax credit, which was set to expire on Nov. 30 of this year. Now, first-time homebuyers who have not owned a home in the past three years will continue to receive a tax credit up to $8,000 if they close on a property by June 30, 2010. The legislation offers a new incentive for homeowners who have owned their home for the past five consecutive years and are looking to purchase a new primary residence: a $6,500 tax credit for the purchase beginning Dec. 1.
Washington, D.C. November 22, 2009 — Fueled by the success of the First-Time Homebuyers’ Tax Credit program, President Obama recently signed a bill to extend and expand the federal tax credit, which was set to expire on Nov. 30 of this year. Now, first-time homebuyers who have not owned a home in the past three years will continue to receive a tax credit up to $8,000 if they close on a property by June 30, 2010. The legislation offers a new incentive for homeowners who have owned their home for the past five consecutive years and are looking to purchase a new primary residence: a $6,500 tax credit for the purchase beginning Dec. 1.
“We have had a number of people already take advantage of the First-time Homebuyers’ Tax Credit,” said Donna Evers, president and broker of Evers & Co. Real Estate. “These strong incentives along with the low interest rates I believe will continue to encourage buyers to find the homes of their dreams.”
For the fifth straight month, the Washington, D.C. area real estate market has seen a higher dollar volume of sales than the same month last year. In addition, the months’ supply of inventory is now down to 3.6 months, a favorable amount and half of what it was for all of 2008. The only negative for sellers in the analysis of the October numbers is the decline in prices. The average price so far this year is down 12.3 percent from last year, compared to 2008 prices being down 5 percent from 2007.
“This decline in price is no surprise, since price is the last factor to stabilize in a turning market,” Evers said. “Ironically, the price decline is part of what is fueling this market, and if the market keeps growing, we should see the decline level off by late spring 2010.”
*Statistics are taken from the Metropolitan Information System for three areas: Washington, D.C., Montgomery Country, Maryland; and Fairfax County, Arlington, Alexandria and Falls Church in Virginia.
About Evers & Co.
Founded in 1985, Evers & Co. Real Estate has enjoyed an outstanding reputation and ranks among the top companies in the Washington Metro area for the highest sales volume per agent and the highest average home sale price. Evers & Co. maintains its success through a strong referral base and agents known their expertise and in-depth knowledge of Metro area homes and neighborhoods. Evers & Co. is home to more than 70 licensed real estate agents with decades of combined experience. The agency is a member of Unique Homes Affiliate Network, Who’s Who in Luxury Real Estate and FIABCI, the largest international real estate organization in the world. In addition, the agency has an alliance with My Home In Paris, a residential real estate firm in Paris, France. For more information, visit www.eversco.com.
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