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Home sales in the Midwest were up  nearly 20 percent over last year as buyers continued to utilize the taz credit for new homebuyers and existing homeowners.  The tax credit expires at the end of this month and as of now, we have not heard anything about continuing the credit, but we remain hopeful as it has absolutely driven the real estate market up this year.

This is the ninth month in a row that sales are up from last year’s totals.  The increase in sales has put home sales up 39.9% year-to-date. For lofts/condos, sales are up 73% from last year!!

Here are the National Real Estate Market Stats for March 2010.

The overall feeling is that Spring is going to see an increase in activity and that the tax credit has helped drive the market over the rough winter that we just went through. As with everything, location is key – all major markets are included in the report and you can look at the stats and overall prognosis for the coming months. 

Reading the business section of the Daily Herald lately has my head spinning.  Last week – The big story was new construction sales were the worst since the dinosaurs roamed the earth or something to that effect – Then two days later – Home sales up 43% from last January!  Again, the catalyst for the surging sales is being attributed to the Tax Credit for First Time home buyers and the new one for existing home owners.  Lastly, there was one other article about property values increasing in Kane County. 

I really like to work with facts, not dramatic headlines. Fact, this is one the very best times to buy real estate – looking for something bigger, now is the time.  Investors are also reaping some of the benefits of this market.  In fact, did you know that you can buy a home with your IRA as an  investment? 

If you need any of the facts, please let me know.

Been a while since we’ve had a chance to see the grass under all the snow.  I’ll take it as Spring is coming!  I don’t know about the rest of us Illinoisans, but this is that time of year that I look forward to the end of winter.  We’ve had a cold winter with plenty of snow, but our neighbors to the East really got hammered this winter. 

As the new season approaches so does the deadline for the homebuyer taxt credit.  Again, if you are even thinking of moving up in price to a new home, now is the time.  Rates are low, prices are still below normal and the tax credit is good even for current homeowners that have lived in their primary residence for the last 5 years. 

Please feel free to call me if you have any questions about the tax credit, real estate in or around Park Ridge or need more info on government programs for distressed properties and homeowners.