Success in Real Estate with Frankie Griffin - Columbia, SC

fishing.jpg

2010 Home Buyer Tax Credit Results in early Surge

Monday, 22 February 2010 02:37

The South Carolina Real Estate Industry knows the peek buying and selling season starts in the Spring and through the Summer months.  However, there has been an early surge in home buying this year.  One Russell and Jeffcoat office here in Columbia SC reported that January was the best month their office has ever had.  Other companies are certainly reporting increases in sales over the past couple of years.  One obvious reason for the early surge is the $8000 tax credit for new home buyers and the $6500 tax credit for existing home owners.  To qualify for the tax credit, home buyers must have a home under contract by April 2010.

Although the midlands of South Carolina have a current inventory of 6 or 7 months, many areas around the country are already reporting a shortage of homes for sale.  Pennsylvania is reporting home sales up 22% in some areas while other areas are up 33% from January of last year.  Orange County CA is reporting sales up 22% just in the last couple of weeks. 

As reported in a previous article, many economist are predicting a shortage of housing by the third quarter of 2010.  This could be a record year in South Carolina in terms of home sales.  Not only are many buying early to take advantage of the tax credit, but real estate investors are also buying up property.  With home values at the lowest level we have seen in the last 10 years and interest rates so incredibly low, investors know as the inventory shrinks, home value will be going back up.  Investors are finding great deals for real estate in foreclosure and through short sales.

Real estate agents in South Carolina should be filling up car with gas and sharpening your pencils because the home buyers are coming strong!  What a great time to be in the real estate industry!

FEATURED HOME

Featured Services & Sponsors