There were 841 homes sold during January in Durham, Johnston, Orange and
Wake counties, up 7.5 percent from January 2009, Triangle Multiple
Listing Services data show. Pending sales and monthly showings were down
slightly compared to a year ago, while the average sales price was up 3
percent.

Residential real estate is a key economic engine in this region.
Although the Triangle didn’t experience the boom and bust felt by some
markets, it has suffered.

It is important that the market continue to record year-over-year
increases given how bad the first half of 2009 was, said Stacey
Anfindsen, a Cary appraiser who analyzes MLS data for the Triangle.

But he said it’s hard to infer much from the January numbers given that
it’s typically among the slowest months for home sales.

Most of the homes sold in January would have been put under contract in
November, Anfindsen said, meaning the numbers likely do not include
people who had been rushing to take advantage of the first-time buyer
tax credit.

“The fact that there was still people out there willing to buy houses at
the end of the year was pretty good,” he said.

The first-time buyer tax credit was set to expire Dec.1 until the
government agreed to extend it and expand it. The credit allows buyers
to reduce their federal income taxes by 10 percent of the price of a
home, up to a maximum of $8,000.

It also allows repeat buyers who have lived in their houses at least
five years to get a tax credit of up to $6,500.

The new deadline for both tax credits is April 30 to put a home under
contract and June 30 to close.

The looming expiration of the tax credits, combined with favorable
interest rates for mortgages, has many Triangle real estate agents
optimistic about the spring.

“Not only are the prices the best they’re going to be, the interest
rates are the best they can be, and they’re giving a tax credit,” said
Beth McKinney, a Re/Max United agent in Cary. “How can you go wrong? I
think there’s going to be a huge spring rush for that.”

david.bracken@newsobserver.com or 919-829-4548

Best Regards,

Corey Bauer

Home Mortgage Consultant

Wells Fargo Home Mortgage

M5609-011

7721 Six Forks Road, Suite 116

Raleigh, NC 27615

(Office: 919-841-5305

4 Fax: 866-709-6842

8* corey.d.bauer@wellsfargo.com

Apply Online @ www.cdbauer.com

Tags: Buying a Home in Raleigh NC, First Time Home Buyers in Raleigh NC, Housing Market in Raleigh NC, NW Raleigh Housing Market, Raleigh First Time Home Buyers

Posted on Tuesday, March 9th, 2010 at 6:14 pm and is filed under Buy House. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.