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Latest HouseHunt Random Survey Finds Encouraging Signs - First Time Buyers Taking Advantage of $8,000 Tax Credit

Like the legendary phoenix which rose renewed from its ashes, the U.S. housing market appears to be on the verge of emerging from the worst real estate market in three years. Several encouraging signs are there.

Just consider: A surge in sales activity was reported in many areas in the past three months; first-time buyers continue to bring vitality to the marketplace all across the country; buyers with good credit are able to get mortgage financing; inventories of unsold homes are flat or decreasing in many areas, and listings with the lowest prices in nearly a decade are being cherry-picked in many communities, according to HouseHunt’s latest random survey of current market conditions across the country. Even repeat buyers are starting to leave the sidelines.

Many HouseHunt member-agents interviewed in this quarterly survey also reported they are using the government’s $8,000 tax credit incentive for first-time buyers as an effective marketing tool. The credit – which expires on November 30 of 2009 – can be claimed on the purchaser’s tax return and does not require repayment unless the home is resold within three years. Every dollar of the tax credit reduces income taxes by one dollar. A person is considered a first-time buyer if he/she has not had an ownership interest in a home for at least three years.

Unemployment, the economy, short sales and foreclosures have forced sellers to lower their prices. Average home price is $350,000, down 15-20% in the past year. Average time on the market from listing to contract is more than 120 days.

Murrieta Market Place

	Nearest Metro Area
	Buyers’ or Sellers’ Market		More sellers than buyers
	Average Time on Market		60-90 days
	Market Trend		Decreasing
	Housing Inventory		Good supply - Some Prices
	Average Home Price		$300,000 - View Graph Trend
	Best Selling Price Range
	Worst Selling Price Range
	Compared to Last Year		Down 20-25%
	Prices As % of Asking Price		90-95%
	Multiple Offers?		Yes
	Greatest Activity		First Time Buyers
	Buyer Activity for the past 90 days in Murrieta is
	Seller Activity for the past 90 days in Murrieta is
	Is Financing Available For Qualified Buyers in Murrieta?
	Existing Home Prices for the past 90 days are
	What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales?
	Housing Hot Spots		The Murrieta west-end.
	Reason to Buy/Sell		Other
	Average Sold Price		$300,000 - View Graph Trend

Buyers’ or Sellers’ Market - More sellers than buyers

Average Time on Market - 60-90 days

Market Trend - Decreasing

Housing Inventory - Good supply 

Average Home Price - $300,000 

Compared to Last Year Down 20-25%

Prices As % of Asking Price - 90-95%

Multiple Offers? - Yes

Greatest Activity - First Time Buyers

Is Financing Available For Qualified Buyers in Murrieta? - Yes.

Housing Hot Spots The Murrieta west-end.

Average Sold Price - $300,000 

	Nearest Metro Area
	Buyers’ or Sellers’ Market		More sellers than buyers
	Average Time on Market		60-90 days
	Market Trend		Decreasing
	Housing Inventory		Good supply - Some Prices
	Average Home Price		$300,000 - View Graph Trend
	Best Selling Price Range
	Worst Selling Price Range
	Compared to Last Year		Down 20-25%
	Prices As % of Asking Price		90-95%
	Multiple Offers?		Yes
	Greatest Activity		First Time Buyers
	Buyer Activity for the past 90 days in Murrieta is
	Seller Activity for the past 90 days in Murrieta is
	Is Financing Available For Qualified Buyers in Murrieta?
	Existing Home Prices for the past 90 days are
	What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales?
	Housing Hot Spots		The Murrieta west-end.
	Reason to Buy/Sell		Other
	Average Sold Price		$300,000 - View Graph Trend