More Potomac homes sold and at lower prices in July, further proof that this is a buyer’s market. It was a similar story in Bethesda and Chevy Chase, where property sales increased and prices dropped.
The latest numbers show that 75 Potomac properties sold in July 2009, an increase of 44% compared with the same period last year when 52 properties sold. In Bethesda sales were up 26%, and in Chevy Chase more than half the homes sold in less than 30 days.
If you’re a first-time homebuyer you still have time to take advantage of the First-time Homebuyer Tax Credit worth up to $8,000. Principal residences – including single family homes, condos, town homes and co-ops – are all eligible for the tax credit. The revised credit counts toward home purchases made on or before Dec. 1, 2009, so don’t wait too long if you’re looking to take advantage.
And if a tax credit doesn’t appeal to you, perhaps a 3.875% conforming mortgage rate will. Rates haven’t dropped this low in quite some time. Lots of people are already flocking to the market, so these numbers won’t hold long. If you and that house you saw while browsing the MLS are meant for each other, now is the time to make your move.
