We were running numbers today and came across some interesting numbers. In the last 6 months there have been 799 sold single family homes in Lubbock under $150,000 and a total of 1162 single family homes sold regardless of price. That’s an average of 133 homes per month and 186 months under 150K and all of Lubbock respectively.

That’s a lot. Often we look at things with microscope that we forget to look at the big picture. We talk about being up a certain percentage or down a certain percentage from last year, or the year prior. However, when we step back and look at the past 6 months, for better or for worse, a minimum 1162 lives have changed significantly in Lubbock, Texas. This number grows when you count spouses, children, vendors, the buyer’s spouses, children or vendors. I just think that is interesting observation and puts things in perspective for me.

We ran numbers to see the amount of sales up $150K because those are the sellers/buyers that really have the chance to not only have their lives changed with the prospect of a new house, but because typically these are the sellers/buyers that will be able to capitalize on the $6500 tax credit.

Here is a link that will explain if you qualify for the move-up/existing homeowner tax credit. This is from the IRS website.

The median number days on the market for homes selling $150K or less is 70. That is from listing to closing. So typically we see homes going under contract within 40 days. If you are qualified for the $6500 tax credit and you had you were in a position to buy a new home, could you use $6500?

If you want to qualify for the tax credit you have to be under contract on a new house by April 30, 2010 and close by July 1, 2010. If you have to sell before you buy now is good time to put your home on the market. Homes that are priced right and in good condition are selling quickly.

Velma Medina
806-535-7653
vmedina@coldwellbanker.com

Oscar Armendariz
806-778-8400
oscara@coldwellbanker.com

If you are selling your home, make your home Homebuyer Ready!  By making your property Homebuyer Ready, buyers will be eager to make an offer.  Your property will be marketed more often and in many ways.  Buyers will flock to your property!

For more information on Coldwell Banker's Homebuyer Ready program, visit www.velmamedina.com.

Market Monitor!