Old Town Alexandria VA Real Estate Getting Low|
Don't Miss The Other Countdown For The $6500 Tax Credit For Move-Up Sellers
The sands of time are steadily pouring down as the new deadline for the extended $8000 Federal Housing Tax Credit starts to creep up on the Alexandria VA real estate market for home buyers. The tax credit has also been expanded to provide a $6500 credit for move-up sellers. And while there have been countless articles and pages of information geared toward home buyers, few have taken the time to explain to Alexandria VA home sellers why this may be an opportune time to list your home and get top dollar.
Here are the Top 4 Reasons Why Now May Be The Best Time To Sell Your Alexandria VA Home:
- 1. Increased pool of Alexandria VA home buyers, for now. The tax credit has stimulated the real estate market and gotten many buyers off the fence. With the incentive, many renters are electing not to renew those leases, and are choosing to enter the real estate market.
- The current inventory of homes is very low. In Alexandria (City) VA, the number of homes actively for sale as of December 1, 2008 was 606; as of December 7, 2009 the number of available homes was down to 430. With fewer homes to chose from, Alexandria VA home sellers will likely open themselves up to bidding wars and shorter days on the market.
- The historically popular spring market will come sooner and will likely end sooner with the April 30 deadline. Alexandria VA home sellers may think that waiting for winter to end will be the best time to put the home on the market. But many buyers may not want to until the end of March or the beginning of April to start their home search. Value-seeking buyers will not want to compete and get into bidding wars (which is a good thing for sellers!), especially at the last minute. I foresee that competition will be in the early months.
- Special loans for home buyers may be eliminated with the tax credit deadline. Local entities, like the City of Alexandria Department of Housing and the Virginia Housing Development Authority (VHDA), have created special Virginia First-Time Home Buyer Programs and loans that may expire with the tax credit. When the money dries up, the sellers will be the first to know it with increased days on the market, and price reductions.
The tax credit is now in it's third revision. At first, it was an interest-free loan, then it was revised into a full credit for home buyers, and most recently is has been extended for buyers and expanded to include sellers. The third time's a charm.