Statistics released on Friday show the highest number of real estate sales in two years, positive news indeed in an industry that has been in a slump for a couple of years now. As expected recent reports show the combination of low interest rates, dropping home values and the First Time Home Buyer Tax Credit are all seen as the biggest boosts toward real estate nationwide. The National Association of Realtors (NAR) released data that displayed a 9.4% increase in home sales for September 2009, the best statistics since July of 2007.
The positive signs in real estate are increasing faith in the economy as many believe that we are slowly climbing our way out of the recession. The hope is that the First Time Home Buyer Tax Credit will be extended and possibly even expanded. 31% of homes sold in September were first time home buyers, and 29% of the sales were distressed properties. With home continuing to remain at the most affordable values in recent years the hope is that the upward, positive trend will continue.
Please feel free to call me, Jason White at The Jason White Team to discuss real estate in the Smoky Mountains. Click here for local listings in our area. For more information on September’s real estate activity click here.