A Wall Street Journal article http://bizy.be/RWs21 reports that first-time home buyers are rushing close on home purchases before the November 30th deadline in order to take advantage of the $8000 first time-home buyer tax credit. To close a home by Nov. 30th, buyers should be under contract by late September. Now is not the time to begin a short sale purchase if you hope to close in time.
While the pace of Tampa Bay home sales has accelerated, one wonders if the demand will last once the tax credit expires. Much like the cash-for-clunkers program, we may find that sales were driven higher partly by cannibalizing future demand.
Tampa MLS data shows an increase in sales activity concentrated in the lower prices ranges. Overall, there are have been 1712 sales of single family homes since 6/1/2009, or 380 per month (out of 3,766 for sale). The median sale price of all homes was $139,000. Of the 1712 homes that sold in Tampa, 919 went for $150,000 or less; and an additional 219 homes sold for $151,000-$200,000….clearly first time home buyer territory.
The 1139 Tampa homes that sold for under $200,000 were on the market for 118 days on average, and closed for an average sale price of $96,645 (just $68 per square foot). Those looking for a home built since 2000 in the $100k-$200k price range paid on average $160,000 ($91 per square foot). These homes sold for an average of 95% of their final asking price. One year ago there were 12.2 months of inventory available. Today there are 6.1 months available.
Purchasers of homes costing over $200,000 paid an average of $398,214, or $142.30 per square foot. These 578 homes were on the market for an average of 150 days and sold for 94% of their final list price. One year ago there were 15.1 months of inventory available in this price range. Today there are 11.3 months available.
Act fast to take advantage of the first time-home buyer tax credit. Contact Team Bohannon today at 813-979-4963 to maximize your options and find the best value.
