After reviewing my website, I realized that I didn't provide an account of sales for year 2008 or 2009.
In 2008, I started off well but by the fall of that year, seemed like most Buyers put everything in a HOLD position. Unsure about the economy and hearing of the declining real estate market, many Buyers took the 'wait and see' approach. I ended up having only 30 sides of transactions at a total of $3.4 Million, not nearing my goal of 50 set the year before.
Although 2009 was a difficult year with the economy and people losing their jobs, I was quite surprised that my final numbers registered at 51 sides of transactions and $5.4 Million...my best ever! I attribute many of the sales to the First Time Home Buyer Credit government program and working with the banks on several foreclosures.
For the year 2010, I would like to set the bar at 50 sides of transactions with a $5 Million total in sales. The First Time Home Buyer Credit expires on April 30, 2010 for writing up the contract but can take as long as 60 days to close until June 30, 2010. In addition, the government has offered a $6,500 credit for a Buyer who has lived in their homes for at least the last 5-years and sells that one in order to purchase another home within the same time period as above. Income limitations and other restrictions apply but I feel this will help with sales for the first part of 2010.
Current interest rates are very competitive, around 5%-5.25% for a 30 year fixed rate. There is still one 100% Financing program out there but the address of the property must qualify...Many parts of Westmoreland County do! Also, the FHA is requiring only 3.5% down and the rest can be either contributed by the Seller of even gift funds from a family member (just what THEY want to hear....).
I'm wishing all of you a healthy and safe 2010.
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