Fan and Museum District sales for the past 30 days (6/1/09-6/30/09)

(the area is defined by 195 to the west and the alley south of Broad Street to the north, Harrison Street to the east and the alley south of Main Street)

Single Family Houses - Currently there are 88 active listings in the Fan and the Museum District.  For this 30 day period there are 28 houses under contract and 19 houses were sold.

Condos -  Currently there are 89 active listings for condos in the Fan and the Museum District.  For this 30 day period there are 21 condos under contract and 16 have been sold. 

Multi Unit Properties - Currently there are 21 active listings in the Fan and the Museum District.  For this 30 day period there are 11 properties under contract and 2 have been sold. 

Historic Church Hill sales for the past 30 days (6/1/09-6/30/09)

Single Family - Currently there are 26 active listings in Historic Church Hill.  For this 30 day period there are  4 houses under contract and no houses have been sold.

Condos - Currently there are 17 active condos in Historic Church Hill.  For this 30 day period there are 2 condos under contract and none have been sold.

Multi Unit Properties - Currently there are 7 active listings in Historic Church Hill.  For this 30 day time period, 1 multi unit property is under contract and none have been sold. 

Breaking News: Tax Credit Can Be Used on Closing Costs. Call Me For Details!
FHA-approved lenders were recently given the green light to develop bridge-loan products that would allow first-time buyers (anyone who has not owned a home in the last three years) to use the benefits of the federal tax credit "upfront."

Under these HUD developments and guidance, FHA-approved lenders can develop bridge loans that buyers can use in different ways. Most notably, you could use it to help cover closing costs, possibly buy down your interest rate, or even offer more than the minimum 3.5 percent down, which would allow you to make a stronger offer—a key strategy in some markets where first time buyers are competing with investors in specific price ranges.

Note: HUD officials indicate that the loans can't be used to cover the required minimum 3.5 percent down, only to supplement the down payment. In addition to this new development, there remain many state, local and nonprofit lender resources and programs for buyers needing help with the 3.5 percent down payment. (Call me to see which resources you might qualify for)

These new developments, combined with the (up to) $8,000 tax credit and the historically low prices and still low mortgage rates, make this an opportune time to buy. Call me for a free consultation to discuss your specific opportunities and situation. The tax credit is only good through 2009, so now is the time to take advantage and not get caught in the crunch toward the end of the year when procrastinating buyers will scramble to buy before the tax credit expires.