Purchasing a home now may be a better time then when the tax credit was in place!

The market may have taken a small hit when the tax credit was lifted pending sales for the month of May are down 18.75% when compaired to 2009. May was the first month this year where the tax credit wasn't a factor in the inventory and it did effect the numbers but the market hasn't came to a skretching hault like everyone was expecting. So homes are still selling just not at the rate they were when the tax credit was in place. Which brings me to my point BUY A HOUSE NOW!!! If you are a potential buyer you may want to go ahead and jump in the Real Esate market for the following reasons.

Rates are ridiculously low! One could get a 30 year fixed loan today at 4.63% and a 15 year FHA loan have been floating around 3.875. I haven't seen an interest rate in the 3's ever having a rate in the 3's could really put someone in a great financial position. If you compare today's rates with the rates back in April they were at 4.875 for a 30 year and 4.5% for a 15 year. These lower rate can save you big money over the lifetime of the loan.

Scared home owners who were expecting for there homes to sale during the first time home buyers tax credit era and didn't may consider taking lower offers. Also with fewer buyers on the market you have more time to think about what house you want to select. During April houses were hitting the market and selling quickly.

I do think the FEDs are going to keep these low rates around for a while so that the market will eventually stabilize and things will get back to normal. But in the meant time take advantage of this buyers market and sellers should remember you may not be getting the high prices of 2007 but if you were to sell now you can sure get a great deal on your new purchase.

Deal of the Week.

This home is new construction and a Bank foreclosure thats ready to be finished. I really think that at this price ($79,900) if you were to finish it out you could have a great home. Plus you can hire me to subcontract it out and get a really good bargin. Its in Silver Oaks in the heart of J-town give me a call for your personal showing. Click the link below and enter mls # 1273034 for more information.

www.mikefogle.com

Deal of The Week.

A new listing just came up in the east end of Louisville its in a great family neighborhood and is for sale at a great price. It is up for sale for $250,000 even though it was last sold for $290,000 this house could make a wonderful home for someone. Click the link below and enter

mls# 1273231 for more details.

http://www.mikefogle.com

Saturday Moring Hot Links

Obama Finally pulls through and extends the tax credit closing date for first time home buyers until September 30Th. According to the national association of Realtors one third of the houses closed before April 30Th who were wanting to get the first time home buyers tax credit were new construction and would have missed out had the extension not been in place.

http://www.louisvillerealtors.com/uploads/56/File/tax_credit.htm

What sellers should expect to pay in closing cost:

http://online.wsj.com/article/SB10001424052748704629804575324612640402510.html?mod=WSJ_RealEstate_LeftTopNews

The department of Treasury releases a housing score card:

http://portal.hud.gov/portal/page/portal/HUD/documents/scorecard1.11.pdf

Tax Credit Extention

Today is the original deadline for the extension of the first time home buyers tax credit. If you are unaware of the tax credit it has been a great helper of the Real Estate market in the past months. All people who were purchasing a home and had a written contract before April 30Th are getting a 10% tax credit up to $8,000 if their home closing by June 30Th. Mortgage news daily is reporting that it finally has gone through the senate is was actually passed.

I have gotten several emails from various lenders saying that the tax credit closing date has been extended to September 30Th. I have on the other hand gotten several emails from other lenders saying it has been extended.

The national association of Realtors has reported that a third of the contracts written that are would like to be collecting the $8,000 are new construction builds and will be unable to be completed by today. Do you think they should extend the bill and add to the deficit or do you think tough luck these home buyers should have known a house couldn't be built in that short amount of time?

Deal of the Week.

This weeks deal is a foreclosure in Goshen for less than $100,000 which is unheard of. Its a four bedroom two bath fixer upper in a great neighborhood in an even better School district. For more details give me a call on my cell: 502-551-9396 or go to my website and enter in

MLS# 1275776.

http://www.mikefogle.com

The Numbers don't lie!

I have been studying the statics Louisville Board of Realtors puts out and also looking at inventory trends and have been encouraged by what I have found. So far 2010 has been the best year for Real Estate in the past three years. If you look at the units sold over the past three years we are doing much better than we did in 2009 which was a down year. But whats even more encouraging is we are even up from 2008 which is my best year of sells yet. Check out the link below and see for yourself below.





If you look at the number of units sold in the month of May from 2001 to 2010 you will see a three your trend. Take a look at the upswing between 2001 to 2003 there a gradual increase between those three years. Then things really pick up over 2004 through 2006 with a huge jump from 2005 to 2006. Probably because that's the year I got my licence and really started bringing up Louisville's sales :). But really there is a definite trend there then things hold steady in 2007 and then the bottom falls out of the economy in 2008 and sales plummet and 2009 is even worse. But in 2010 we rebound to back to the 2005 numbers and one can only hope the trend continues and 2011 and 2012. Because lets face it we all need our property values to increase and I need to put my little girl through Grad School.