A four year decline in the housing market came to a halt this past December. According to a new report by The Warner Group single-family home sales increased from 40,356 in 2008 to 41,583 home sales in 2009. Although the median purchase price of homes continued to drop 6.6 percent, the decline was not as steep as the 11 percent fall in 2008 and the 10.6 percent drop in 2007.
“The latter part of 2009 gave us some clear signs that the housing market is stabilizing and heading for a recovery, and while prices were still falling the percentage drop last year wasn’t as steep as it was in the previous two years. What’s more, December was the first month in more than two years that the monthly median home price climbed year-over-year. The improving economy and the home buyer tax credit definitely helped fuel home sales.”
-Timothy T. Warner Jr., CEO of The Warner Group
First time homeowners seem to be jumping at the opportunity to save up to $8,000 on new homes. A first time homeowner is defined as someone who has not owned a primary residence in the past three years. However it is important to recognize repeat homeowners may receive up to a $6,500 credit as well. To qualify for the federal tax credit as a repeat homeowner a person must have owned and lived in the same residence for a minimum of five consecutive years during the past eight years. For more information on the federal housing tax credit visit the official website at: www.federalhousingtaxcredit.com.
When purchasing a new home another key purchase, required by most mortgage companies, is homeowners insurance. With purchasing a new home come many payments, bills, and debt. A great way to save on homeowners insurance is to bundle it in a companion policy with your auto insurance. For a quick free quote bundling auto and homeowners insurance together give MassDrive a call.