Brentwood, TN (PRWEB) March 30, 2010
Brentwood TN Realtor, Jeff Fulmer (http://www.jefffulmer.com/) believes the stars are aligning for April to be a positive month for residential home sales. "Spring is in the air, which is the season the housing market typically heats up and the only thing that brings out buyers more than green on the trees is the prospect of green in their wallets," Fulmer said, referring to the fact that April is the last month buyers have to take advantage of the home buyer’s tax credit.
“When buyers thought the tax credit was expiring toward the end of last year, we saw home sales pick up in October and November,” said Jeff Fulmer, a Realtor who specializes in Brentwood TN homes (http://www.jefffulmer.com/homes-in-brentwood-tn.htm). “Since the tax credit was extended and expanded, we have seen sales build in 2010. If history is any indicator, I expect that trend to continue right through April.”
According to the Greater Nashville Association of Realtors (GNAR), home sales have already been relatively strong in 2010. There were 1,308 home closings reported for the month of February, a 3.2% increase from the 1,267 closings reported in February 2009. February was also the fifth straight month that sales have been up from 12 months prior.
“Pending sales have also increased, which is a positive sign for what we can anticipate for the spring,” said GNAR President Lucy Smith. “With median residential prices virtually the same as last year, median condo prices down slightly and interest rates still remarkably low, the overall market remains stable with some cause for optimism as people take advantage of these conditions.”
After being on the market for four months, a home in Brentwood TN (http://jefffulmer.com/homes-in-brentwood-tn.htm) received three offers in one weekend in February,” said Jeff Fulmer. “It was the first nice weekend in months, but the tax credits probably played a bigger role. Buyers are realizing this is the best opportunity they will have to purchase a home and many are taking advantage of it.”
This time around almost all home buyers can take advantage of the tax credits; however, there is no doubt that first time home buyers have been a big part of the real estate recovery. While this group has been important in supporting the overall market, entry level homes have lowered the average sales price of homes and condos. “As buyers look at all their options, it’s not surprising that condominiums in Nashville TN (http://www.jefffulmer.com/condominiums-nashville-tn.htm), as well as Brentwood and Franklin TN condo (http://www.jefffulmer.com/brentwood-tn-condos.htm) sales have been up slightly this year,” Fulmer said.
“It was expected that the market would stabilize after the significant increases in closings at the end of 2009 due to the tax credit deadline," Smith with the GNAR said. “But, with the next deadline at the end of April, it is reasonable to think that we could see another burst of activity in spring and early summer. And, with increased activity and energy in the marketplace, it is possible that there will be more closings beyond first-time homebuyers in the upcoming months.”
There are strong signs that April will be a good month for real estate, although only time will tell if the housing market is truly ready to spring back into action.