Marker Update-Greater Cincinnati MLS (Weekend Review)

New Listings 139  
Back on Market 26  
Price Increases 5  
Price Reductions 143  
Pendings 81  
Solds 132  
Expireds 40  
Inactives 106  

As many thought that Nov 30 was the tax credit deadline, we experienced 132 closings most of which may have been Friday, and some today, including one for myself. 81 pendings over the weekend also is a support of what may be expected moving into December. We will continue to monitor that action.

139 New Listings lets review the stats on those:

Avg list price $176,645

Median list price- $141,200

These numbers are important to buyers and sellers moving into this coming winter market place.

Hot Spots for pendings today are Batavia Township and Hyde Park with 5 ea.  I think it may be important to survey the numbers for pending prices too, therefore they look like this:

Avg Pending List Price- $154,877

Median Pending List Price- $114,950

As we continue to evaluate the avg price for both new listings and pending activity we can start to see what is moving is about $21,000 less than what is being re-listed. Numbers for sellers that are very important to recognize.

Market Upate- Tax Credit FAQ’s

The complexity of new home buyer tax credits leaves potential buyers with many questions. Here are answers to some of the most confusing:

  1. How does a current home owner qualify for the $6,500 credit?
    Buyers must have lived in their homes for at least five out of the last eight years. The home they buy must become their primary
    residence, but buyers don’t have to sell their previous home. They can use the previous home as a rental or a second home and still claim the credit.
  2. Does the new home have to be more expensive than the one the buyer currently owns?
    No. It is fine to use it to downsize. If the property sells for more than $800,000, the buyers don’t qualify.
  3. Can buyers who are building a new home claim the credit?
    Yes, although the contract must be in place by April 30 and the buyer must move in by Jul
    y 1.
  4. Can buyers claim the credit if they purchase a home from a relative?
    No. The legislation prohibits taxpayers from claiming the credit if the sale is between “related parties,” including parent,
    grandparent, child, or grandchild

Source: USA Today

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