As reported on the St. Charles County Association of Realtors website: "The number of pending sales, homes under contract, in St. Charles County jumped 26 percent in March. “This strong increase over February numbers is an indicator of increased market activity in St. Charles County and across the nation,” commented Karen Vennard, 2009 St. Charles Association President.These numbers reflect the reports we are getting from brokers all across the county who are seeing an increase in property calls, showings and general business activity, reported Vennard.Brokers point to the $8,000 tax credit for first time buyers, record low interest rates and stable prices as the reasons for the increase in activity.“People are realizing that this is a once in a lifetime opportunity to buy a home,” added Vennard. “Interest rates haven’t been at this level since the 1950s and if you are a first time buyer, Uncle Sam is giving you $8,000 in free money, so why would you not buy now, “concluded Vennard.These incentives have helped to keep housing affordability at record high levels. In March, the national housing affordability index stood at 166.7 percent. An index of 100 means that the family making the median income could afford the median priced home. In March that family making $61,100 per year could afford a home valued at $291,600. The index assumes a 20 percent down payment.“The market is rebounding and there may not be a better time to buy in our lifetime,” concluded Vennard".
No comments:
Post a Comment