Tax Credits and Low Interest Rates

The term "Realtor" is a copyrighted term belonging to the National Association of Realtors, also known as the NAR. In our local area, all real estate agents and brokers are required to be a member of the NAR. The NAR has standards and ethics that all members have to practice in their business. In summary, the standards and ethics are to guide real estate agents & brokers to be professionals and to be trustworthy in their business.

When the housing crisis started, the National Association of Realtors along with the National Association of Homebuilders joined forces and went to Washington, DC. They worked with the government to come up with programs to get home sales going again and also programs to help people stay in their homes. These two groups also worked with the government to set up guidelines so the country wouldn't get into the mortgage mess again. Currently, they are working to make sure that appraisals of home sold are fair and that the restrictions are not set too tight so as to cause a decline in home values which has happened in some areas.

The NAR sends all members newsletters on current events and how they are addressing those current events. They have given us as real estate agents and brokers the opportunity to give our feedback to the NAR and also to our law makers. They have been heard and worked on the project for the First Time Home Buyers tax credit and to keep interest rates low. They will remain working in DC until the economic situation has changed in our country.

Wake County Homes Sales Thru September

The good news for our local market is that it is improving. We started out the year with home sales approximately 40% below last year home sales. At the end of September, home sales compared to last year were about 24% lower than last year. Major improvement over those 9 months.

July and August brought sellers out and increased home sales by about 30 to 50% over previous months. Home sales typically increase over the summer months as buyers want to get their children in school at the beginning of the school year.

September homes sales were not as strong as July and August but that is a normal market trend. September home sales were 15% lower than August which falls right in line with the change in home sales across those 2 months from previous years.

Are we settling into a more stable, normal market? The answer to that question will be seen in a couple of months. Stay tuned.