GlarStar Blog

GLAR Market Update
There were strong home sales in the Greater Lakes region once
again in October.  For the month there were 242 closed sales,
up 14.7 percent from a year ago as low mortgage rates and the
federal tax credit for home buyers spurred activity.
With the home buyer tax credit extended and expanded, we can
expect that first-time home buyer activity will remain strong,
but don’t bank on the same blockbuster numbers we say this year.
If you were a potential first-time home buyer who was qualified to
purchase in 2009, odds are pretty dang good that you already bought.
The fact that the income limits have been raised for eligibility does
help since it widens the credit’s availability.
The $6,500 credit for second-time buyers will spur some sellers
in the low-to-mid price ranges to put their homes on the market
who had previously been on the fence.  New listings will likely
increase this winter and into early 2010 as a result