Do you have questions about the First Time Home Buyer Tax Credit??

JACE answers!

Pending home sales rose with many first-time buyers taking advantage of historically good housing affordability conditions, according to the National Association of Realtors®.

Nationally, the Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, increased 3.2% to 84.6 from a level of 82.0 in February, and is 1.1% higher than March 2008 when it was 83.7. Lawrence Yun, NAR chief economist, said it should take a few months for the market to gain momentum. ”This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a downpayment,” he said. “We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around.”

Locally we are seeing an increase in sales (some would even say a supermassive increase in sales). For more information, contact JACE today!