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| April 2009 |
Phone: (828) 685-8602 Fax: (828) 685-9627 2968 Chimney Rock Road Hendersonville, NC 28792 Website: www.apple-country.com Email: info@apple-country.com |
Market and TrendsMarket Poised for Turn-around!
Financial experts are now predicting that home sales will turn around by mid-year and home prices will begin recovering. Banks will likely begin seeing improvement in capitol as the government program to remove bad assets kicks in and the Federal Reserve provides more economic support.The new stimulus package will also spend $50 billion on roads, bridges, utilities and other infrastructure. Stimulus packages were also rolled out in Canada, Europe, Australia, South America and China. Housing construction posted a surprisingly large increase in February, bolstered by strength in all parts of the country except the West. The surge in construction was a dramatic shift from the decline economists had expected. Although construction remains some 47% lower than it was at this time last year this increase in housing starts for February could mean we are near the bottom of the market and are now making a turn around. The overall good news is now the end appears to be in sight. With the stock market seeing recent gains, housing starts increasing, and some of the toxic assets being held by banks are being purchase by the government we should see credit beginning to flow again which should stimulate the economy as well as the local housing market. The $8,000.00 first time home buyer tax credit appears to be generating interest for those that will qualify. Potential buyers that would qualify for this tax credit should seriously look into purchasing now. The property must close before December 1st of this year. With current inventory up, interest rates at an all time low and the $8,000.00 tax credit, there may never be a better time to buy! We are starting to see more activity in the local market. Folks are starting to look again and the warmer weather and longer days always seem to bring more folks out this time of year as well. Although many are still reluctant to make a move we feel that continued increases in consumer confidence brought on by tax credits and some positive economic news will help to move folks off the fence and into the market again. Those that may be interested in the qualifications for the First Time Homebuyer credit can now link to the IRS Form 5405 on the IRS.gov website. Click on archives and then on IRS Form 5405 link. This form will explain more about the tax credit and if you might qualify. Always consult with your tax preparer to confirm your eligibility. |
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2968 Chimney Rock Road | Hendersonville, NC 28792