Real Estate info- buying, selling and everything in between

The rest of the story:  

Buyers who qualify for the $8,000 tax credit previously had to wait until after filing a tax return to see any of the money.  With the new rules in place FHA approved lenders could/might/maybe have the ability to make the funds available at the closing table thru short term bridge loans. 

EDIT 5/14/2009:

The Tax Credit CANNOT BE USED AS DOWN PAYMENT. It is a LOAN against the tax credt. 

Final details of the program should be available shortly.  

And... GOOD LUCK to the O'Fallon High School girls track team this Friday at sectionals!

The $8,000 first time home buyer tax credit has/might/maybe just been approved to be used towards a down payment.  Exact details on how this will be implemented are still a bit vague so stay tuned!

O'Fallon IL currently has 271 homes for sale in a wide variety of price ranges and locations.  Inventory is high, prices are reasonable and interest rates are still holding around 5% so now is a fantastic time to buy.  Throw in the $8,000 first time home buyer tax credit and things look good. 

April turned out to be a very strong month (all things considered) with a total of 26 homes closing, this compares to 23 homes last month.

Of the 26, 22 were Re-Sale homes with an average sales price of $156,573 and average days on the market of 110.

4 of the 26 were new construction. Those had an average sales price of $334,486 with an average market time of 162 days.

More good news: there are 59 homes under contract as of today so the coming months should be stronger yet! Below are some graphs that show comparisons from year to year and month to month.

 Stimulus money headed this way!

The Metro East will be receiving more money from the American Recovery and Reinvestment Act.  The bulk of this new money will be used for water control and flood prevention.  This leads us to what O'Fallon is considering regarding drainage improvements for storm water.  Under the proposed plan residents will pay a flat fee bases on the size of the area they occupy. Not  a bad idea at about $4.00 a month.  The other side of this is that the retailers (auto dealers, box stores) could be hit very hard as they cover substantially more ground than your average home in O'Fallon.  That said something clearly needs to be done.  For a city as progressive as O'Fallon, to have areas of town without any sort of storm drainage (curbs, gutters) is unacceptable.  We shall see what transpires over the coming weeks.  And...

Real Estate activity is picking up; April numbers will be out soon!

Click below for our May newsletter!