Charles Rutenberg Realty Broker/Owner Joe Moshe Comments On Rise in Home Sales Going into Contrac

Joe Moshe, Broker/Owner, Charles Rutenberg Realty, said that, despite the decline in existing home sales in December, the number of people preparing to buy a home rose by 1% in the month of December.
By: The Public Relations and Marketing Group
 
Feb. 3, 2010 - PRLog -- Joe Moshe, Broker/Owner, Charles Rutenberg Realty, said that, despite the decline in existing home sales in December, the number of people preparing to buy a home rose by 1% in the month of December as first-time homebuyers seek to take advantage of the $8,000 tax credit by the end of April.

On February 2, The National Association of Realtors reported that the seasonally adjusted index of sales agreements rose to a reading of 96.6, a 1% increase over the November 2009 index and a 10.9% increase over the December 2008 index. This marks the ninth time that the index has risen over the past 10 months. “The rise in the index shows that more first-time homebuyers are taking advantage of the tax credit,” Mr. Moshe said. “In the next few months leading up to the tax credit deadline, we should see home prices begin to stabilize. However, there should be a new wave of REO (Real Estate Owned) properties during the second half of 2010, which may cause home prices to slightly decrease in value.”

Over the last few months, existing home sales showed a positive upward trend, with first-time homebuyers accounting for a majority of the sales. “The earlier surge in sales was due to the fact that many homebuyers rushed to meet the deadline for the first-time homebuyer tax credit, which was initially scheduled to end November 30, 2009,” Mr. Moshe explained.

Mr. Moshe said future home sales and the index will depend on other economic factors such as the job market. “The long-term recovery of the housing market depends, to a great extent, on the level of unemployment. As long as unemployment rates continue to be high, the housing market will not truly recover. But with the tax credit for first-time homebuyers now extended to April 30, we may see a surge in home sales as the deadline draws close once again,” he said.

Besides extending the tax credit, the government is also making a tax credit of up to $6,500 available to existing homeowners who are looking for a “step up” by selling their current home and buying another one during the same period. In addition, New York State recently announced cash advances of up to $8,000 on the federal homebuyer tax credit for borrowers using a State of New York Mortgage Agency (SONYMA) mortgage to purchase a home. Launched on January 1 this year, the program is expected to boost home sales further in New York State. “Propelled by these additional tax credits and incentives for homebuyers, we can expect to see gains in sales over the next few months,” Mr. Moshe said.

For more information, call (516) 575-7500 or visit http://www.crrli.com.

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About Charles Rutenberg Realty

Founded in 2006, Charles Rutenberg Realty of New York is the fastest growing, most progressive real estate office in New York, specializing in residential properties in Nassau, Suffolk, Queens, Kings and Westchester Counties. Among the 1,900 independent real estate offices represented by Multiple Listing Services (MLS), Charles Rutenberg Realty has the highest market share for available inventory, listings taken for the first six months of the year and listings under contract. Its agents are trained in the latest creative marketing programs and can fulfill all their clients’ financial and personal needs when buying or selling a home. Charles Rutenberg Realty is headquartered in Plainview, New York, with offices in New York City, Florida and Illinois. For more information, call (516) 575-7500 or visit www.crrli.com.
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Source:The Public Relations and Marketing Group
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Tags:Charles Rutenberg Realty, Joe Moshe, The National Association Of Realtors, Home Sales
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Location:Patchogue - New York - United States
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