Sharon's Market Update

Opportunity of a lifetime for First Time Home Buyers

In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers. But time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible. The tax credit is for first-time home buyers only. The tax credit does not have to be repaid. The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. If you or someone you know is eligible and wants more details, give me a call.


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Ocean Pines Market Update

As of Feb 25, 2009 we currently have 317 single family, townhomes and condos on the market for sale in Ocean Pines. In 2008 there were 204 units sold. At an average of 17 per month that gives us a little over 18 months of inventory. So far to date in 2009, we have had just 13 properties go to settlement. The good news is that we have 23 properties pending settlement and 18 of those went under contract in February, so things may be picking up after all. Go to my website to search for all available properties in the area so you can take advantage of the great prices too!


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Ocean City Market Update

So, what's happening at the beach? There are currently 1816 homes/condos for sale in Ocean City. In 2008 there were 742 units sold. That means there are about 61 months of inventory. The MLS indicates that 55 properties have settled in 2009 and 219 properties are currently pending. Ocean City is a little harder to report since there are a lot of new units that are not in the MLS until after they go to settlement or not at all. Other news in Ocean City. The tax assessor has been out and it looks like OC property assessments have dropped an average of 20%. There are plenty of good deals out there, so give me a call.


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Captain's Cove Update

Good News! The Captain's Cove Clubhouse is open and it is beautiful. If you haven't been down in a while, it is worth the trip. Stats as of 2/25/09; 25 homes sold in 2008, 2 homes pending in 2009, 42 lots sold in 2008, 1 pending in 2009. Prices are down, so if you have been looking for a lot to build your next home, give me a call and I will be happy to send you an updated list.