Larchmont Real Estate

Buyers seemed to have scooped up the last of the Larchmont inventory during the month of December.  16 homes closed between December 1 and 31, 2009.  

It’s a bit ironic.  Buyers are actually calling in and requesting us to reach out to listing agents and sellers who have withdrawn or expired listings,  asking if they are still interested in selling their homes.  What a difference from 6 months ago.  

Newly listed, aggressively priced homes are getting multiple offers.  If you live in Larchmont, now is the time to put your house on the market!  Don’t wait for the spring market!

This afternoon, the president signed a bill that included a new tax credit for both first-time and repeat homebuyers.  This new legislation is very positive news, and will help stabilize the economy and allow even more Americans to invest in homeownership.
The new tax credit is an improvement over the existing one which expires on Nov. 30.   Some of the enhancements it includes are:

• The $8,000 tax credit for first-time buyers has been extended through April 30, 2010.
• Current homeowners are eligible for a $6,500 tax credit through April 30, as long as they have lived in the home they are selling as a principal residence for five consecutive years out of the last eight years.
• Time has been added to allow for closing the home purchase. As long as buyers have a binding contract by April 30, they will then have until June 30, 2010, to close the transaction.
• Income limits for eligible buyers were increased to $125,000 for single buyers and $225,000 for couples.

The passing of this legislation is very positive news for anyone looking to buy or sell a home. Both first-time and move-up buyers can now take advantage of the new tax credit in addition to today’s historically low interest rates.

First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the House voted 403-12 Thursday to extend and expand the tax credit to include many buyers who already own homes. The Senate approved the measure Wednesday, and the White House said President Barack Obama would sign it Friday.
Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

 Larchmont Real Estate Sales Double in the 3^rd Quarter of 2009

The properties closed in Larchmont during the 3rd quarter of 2009 took a giant leap forward.  The closed sales during the 2^nd quarter were 23.  The homes sold in the 3^rd quarter were 58.  This represents all styles and price ranges.  The average price dropped in order to make these sales happen.  The percentage varies according to price range, from 10 to 20%.  There are still homes in this market that are selling for asking or more if they are price right from the beginning.

LARCHMONT AUTUMN COMMUNITY DAY – FALL FUN

On a perfect fall day, September 26^th, the Larchmont community enjoyed Autumn Community Day.  There was something for everyone. Young and old came out to enjoy the festivities.

 The Public Safety Day, sponsored by police, fire, and ambulance corps of both local and county departments, reminded us all of our personal and civic duties.  Your could “drive” a fire truck;  pose for photos with the big rigs;  or try out the emergency gear.

The Larchmont Department of Public Works featured Big Truck Day.  Kids could climb all over the DPW gigantic bulldozers and machines.

The Larchmont Committee on the Arts rounded out the day with a fabulous Arts Festival complete with music.  Many fine local artists displayed their artistic talents to the enjoyment of everyone.