Bill's Real Estate Blog - News to Use!

Single-family home sales and prices rose again last month in the Colorado Springs area, as reported by the Pikes Peak Association of Realtors and Rich Laden in today's Gazette.

So what does that mean for most of us?  For current home-owners, the equity in their homes will begin to grow again, or grow at a faster rate.  For those who are shopping for homes, the availability of homes to choose from will begin to decrease, and the price tag may potentially increase.

The median price of area homes sold in January increased about 3.1 percent, to $178,200.  January was the third straight month that has shown a price increase. Homes priced under $200,000 are going quickly, and overall inventory of homes for sale has fallen 16.3 percent.

Of course, the $8,000 tax credit for first-time homebuyers or $6,500 tax credit for "move-up" buyers has had an impact.  But the clock is ticking - there are 85 days left to take advantage of this tax credit.  Homes must be under contract by April 30, 2010, and close by June 30th.

For more information on the Federal Tax Credit, check out the link on my web site, or give me a call.  I'll be glad to help!