OK, so I’m really, really behind in getting these April Home Sales Report numbers from the Knoxville Area Association of Realtors to you this month. Sometimes the day job kinda gets in the way.

April 30, 2010, as you may remember (yeah, I know it was a long time ago), was the deadline for buyers to be under contract in order to take advantage of the First Time and Move-Up Buyer Tax Credits. And yes, as you’ll shortly see, sales were definitely up as a result of this. But also keep in mind, that there’s another deadline involved with those tax credits: June 30, 2010. That’s the date by which all of those houses that were put under contract will have to close. So, while sales numbers may not be quite as high in May and June as they were for this month, my guess is there still going to be fairly elevated.

But I’m getting a little bit ahead of myself. Before we can speculate on what will happen later in the summer, we need to take a look at what just happened in the spring. So join me as I break down the March Home Sales numbers the only way I know how: AAKT style. Enjoy!

You know I like to start with the good news, and thankfully there is some -

Total number of condo units sold is (way) up.
Apr ‘09 – 78
Apr ‘10 – 111

Average sales price for 4+ BR homes is (way) up.
Apr ‘09 – $296,000
Apr ‘10 – $319,000

Median sales price for 4+ BR homes is (ever so slightly) up.
Apr ‘09 – $249,000
Apr ‘10 – $249,900

But there’s also some of that nasty not-so-good news -

Average sales price for 2 or less BR homes is (way) down.
Apr ‘09 – $123,800
Apr ‘10 – $91,700

Median sales price for 2 or less BR homes is (slightly) down.
Apr ‘09 – $74,700
Apr ‘10 – $73,500

photo credit: Brooks Elliott

The weekly poll  is frantically searching for a house to buy by Friday. Go vote and tell it to call a good agent for some help.

This week’s poll topic is one that I’ve been living and breathing for the past month: the home buyer tax credits and their looming expiration. Specifically, I’m curious about what you think will happen, once the deadline for those credits (buyers must be under contract by April 30th) comes in just 5 short days.

A lot of agents — and home sellers — are nervous that the increase in sales we’ve seen over the last few months will slow significantly once the tax credits expire.* Me, I’m not so sure: I’ve already had two first time home buyers tell me that they will buy a home whether they qualify for the tax credit or not. And ultimately, the bottom line is that, tax credit or no tax credit, people will still have to move and that means they will still be buying and selling home here in Knoxville.

So, what about you? What do you think will happen once the home buyer tax credits expire? Do you think dark days are ahead without those $8,000 and $6,500 incentives? Or do you think the market will shake it off and keep improving? Cast your vote and let me know!

*Keep in mind that even though the credits are expiring for the general population, we did just get word that they will be extended for military families and active-duty service members currently living overseas.

You don’t have to worry about expiration dates or deadlines when you need to get the latest information on the Knoxville real estate market .  Just have it delivered straight to your feed reader or inbox by subscribing to All Around KTown today!

The weekly poll is tied up in legislation. Why don’t you go tell it it’s time to vote already?

This week’s topic is about the $8,000 First Time Home Buyer Tax Credit and whether or not you think it should be extended or even expanded.  The deadline for getting the tax credit is coming up on December 1st, which may seem like a ways off, except that in order to be eligible for the credit, your sale must be finalized (read: closed) by Nov. 30th. So, a lot of folks are saying that the real date to keep in mind now is Oct. 16, as that’s the date a buyer would actually need to have a home under contract by in order to safely be able to close a home loan by Nov. 3oth.

As of right now, there are six (!) bills circulating in the House and the Senate that would extend and/or expand the $8,000 tax credit.

Now, there’s no question that this tax credit has been popular with first time buyers: the National Association of Realtors (NAR) estimates that almost 2 million buyers have taken advantage of the tax credit and that at least 350,000 of those sales would not have taken place without the credit (I know that credit is part of the reason I’ve stayed so busy this year). And it’s no secret that the NAR – as well as most real estate agents – would like to see this credit extended into 2010.

But as the deadline for the credit draws near, more and more folks – some of them (gasp!) agents – are coming forward with arguments as to why it should not be extended.  Some argue that the ultimate financial costs to the country outweigh the short term benefits to individual buyers and real estate markets. Others argue that that extending the tax credit will only delay the final bottoming out and recovery of the housing market.  Greg Cooper over at AgentGenius puts it this way, “[The tax credit] is really like pouring sugar in a 10-year-old: eventually there’s going to be a terrible crash.”

But I’m a real estate agent, not an economist, so I’m curious what you guys think. Do you think the First Time Home Buyer Tax Credit should be extended? Should it even be expanded to include people other than first time buyers? Or do you think its served its purpose and it’s now time to let the market recover naturally? Cast your vote and let me know.

The weekly poll is thinking about moving again. Go vote and convince it to stay put.

This week’s topic is about your home and how long you plan to stay in it. While the much touted $8,000 first time home buyer tax credit has undoubtedly nudged many first time buyers into the housing market this year, there’s still some concern that many would be “move-up” buyers — those looking to move up into bigger and/or better homes — are simply choosing to stay put during these tough economic times. Some lawmakers have even gone so far as to suggest a $15,000 tax credit for all home buyers in order to try to give these move-up buyers some incentive to go ahead and get packing.

Still, statistics show that Americans are moving less often than they used to, so while that tax credit might help encourage some potential buyers who are on the fence, it’s probably not going to do much for the people who simply aren’t planning on going anywhere any time soon.

So what about you? How long are you planning to stay in your current home? Are you waiting for a brighter economic outlook or are you simply right at home where you currently hang your hat? Cast your vote and let me know.

You don’t have to wait for a move to get the latest info on the Knoxville real estate market  – just sign up to receive regular updates from All Around KTown in a feed reader or by email today!

photo credit: FABIOLA MEDEIROS- direção de arte

It’s Home Sales Report time! It’s Home Sales Report time!

We’re well into the spring buying and selling season, and last month I had predicted that sales numbers might be up this month due to all the activity I’ve been seeing as well as the $8,000 first time home buyer tax credit and super low rates. Well, I was kind of wrong. It happens.

But don’t lose hope yet! While the actual number of sales is still down, there actually is some good news buried in the numbers this month, and it’s a lot more good news than we’ve seen in a long, long time.

So let  break down the April home sale numbers the only way that I know how — AAKT style –  and tell you all about it.

First let’s start with …OMG look at all this good  news!

Average sales price for 2 or less BR homes is (way) up.
Apr ‘08 – $90,900
Apr ‘09 – $123,800

And, of course, there’s the inevitable not-so-good news -

Median sales price for 2 or less BR homes is (slightly) down.
Apr ‘08 – $79,200
Apr ‘09 – $74,700

Average sales price for 3 BR homes is (way) down.
Apr ‘08 – $163,600
Apr ‘09 – $151,300

Median sales price for 3 BR homes is down.
Apr ‘08 – $149,000
Apr ‘09 – $139,600

Average condo sales price is down.
Apr ‘08 – $164,300
Apr ‘09 – $160,300

The weekly poll is ready for your voting pleasure. Don’t leave it hangin’.

This week’s poll question has to do with something people in my line of work are talking a lot about these days: the $8,000 Home Buyer Tax Credit that was a part of the American Recovery and Reinvestment Act of 2009.

Even though the tax credit may be a little hard to understand, it looks like it could be a very good thing for first-time buyers and for local real estate.  But what do you think about the credit? Will it jump start the housing market by  encouraging potential  home buyers to make a move, or is it just a nice perk for those already in the market to buy? Cast your vote and let me know.

While I may not be able to give you a tax credit, I can always give you all the latest news on the Knoxville real estate market -  Just subscribe to All Around KTown by RSS or email today!

photo credit: The Joy Of The Mundane

Courtesy of the National Association of Realtors – yes, I always knew they were good for something- we finally have the details of the new home buyer tax credit from the recently passed  stimulus bill, or the “American Recovery and Reinvestment Act of 2009″ as it is now officially called.  According to the NAR:

The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.  The credit does not require repayment.  Most of the mechanics of the credit will be the same as under the 2008 rules:  the credit will be claimed on a tax return to reduce the purchaser’s income tax liability.  If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

There is also a PDF file on the site with a table highlighting the differences between the old $7,500 tax credit and the new one.