On Tuesday 17 Feb 2009, President Obama heads to Denver , Colorado to sign the controversial American Recovery and Reinvestment Act of 2009.  Passed in the House of Representatives with no GOP support and in the Senate with only three republican votes, the stimulus package aims to guide the United States out of the economic troubles it currently faces. 

Here are some highlights of the stimulus package relating to real estate:

·         Refundable First-Time Home Buyer Credit: Homes bought after January 1, 2009 are not required to repay the 10% of home purchase price tax credit granted by Congress last year.  Also, the limit of the tax credit was increased from $7,500 to $8,000

·         Tax Credits for Energy-Efficient Improvements to Existing Homes: Extends tax credits for improvements to energy-efficient existing homes through 2010.   The tax credit can qualify homeowners to receive tax credits up to 30% (previously, it was 10%)

To discuss how the economic stimulus package will help you and your real estate dreams, please contact Susie at SusieKang@JoaRealty.com

2008 definitely showed a decline in the numbers of homes sold but the stability in the Austin real estate market is highlighted in its median price.  While most cities saw a decline in median home prices, Austin produced a 2% increase. 

According to the Austin Board of Realtors®, here were the year-end totals for 2008:

• Total dollar volume of single-family properties sold was $5,004,647,938, a 21 percent decrease from 2007
• The median price was $189,500, a 2 percent increase from 2007
• 20,199 single-family homes were sold, a 20 percent decrease from 2007
  

For an in-depth look at Austin's Real Estate market for 2008, please review the Gracy Title 2008 Year In Review- MLS Area Statistics attachment .