The Obama administration endorsed plans to extend an $8,000 tax credit for first-time home buyers, stating that it is helping stabilize the nation’s housing market. Today, Timothy Geithner, Treasury Secretary said in a statement that the tax break has “brought new families into the housing market and contributed to three consecutive months of rising home prices,”. The tax break is set to expire December 1st 2009 unless the Congress acts to extend the credit until April 30 2010, while expanding it to include higher-income Americans and some who already own homes.

Max Baucus, Senate Finance Committee Chairman added that the new plan would offer a $6,500 credit for homebuyers who have lived in their prior residence for at least five years. Couples earning up to $225,000 and individuals up to $125,000 would qualify for the break, Baucus said. That’s up from the current $75,000 limit for individuals and $150,000 for couples.

Could it be that this is a blip caused by the tax credit offered, or is the market beginning an upturn? I posted the Asheville NC figures recently, and the latest figures released nationally support our local trend. Sales jumped 9.4% in September nationally, up nearly 24% from January as quoted by the National Association of Realtors.

Most people are hoping that the $8,000 tax credit will be extended beyond December 1st – however there are no guarantees.  Although the tax credit is named for ‘first-time buyers’, the tax credit is available for people who have not owned a primary residence in the last 3 years, as long as other criteria are met.

I am cautiously optimistic – I think that the market is bumping along the bottom, and I am on the look out for the small peaks that generally bring along the upturn.  Although home sales have risen slowly, the median price in Buncombe County, which generally records the highest number of sales in the various counties covered by the Western North Carolina MLS, has dropped from $247,ooo a year ago down to $200,000.  Foreclosures are still rising which will bring out more people hunting for bargains. Current foreclosures can be seen at www.MyMountainDeals.com

Up to 40% increase in volume of sales – first increase in 2009

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828 210 1648

When you divorce in the Asheville NC area

Housing Choices when you divorce in North Carolina

It goes without saying that divorce brings all kinds of difficult choices. When you own property together, this can be one of the most stressful part of the separation, both in terms of finances, finding a new place to call home for one or both partners, and the physical reminder that your ‘nest’ is changing.

Questions arise around who keeps the property, whether to sell the property and divide the proceeds or other possible options.

For more information and useful links, visit our page with details about divorce in North Carolina and how to divide assets.

The Pattons have a stronghold in the Swannanoa Buncombe County area. Read more