Real Estate Information

The Multiple Listing Service of Long Island recently released it's January 2010 figures. Here are the sections of the report regarding Queens and Brooklyn:

The Multiple Listing Service of Long Island, Inc., (MLSLI) has recently released January 2010 home figures. According to the new market updates provided by the Multiple Listing Service of Long Island, Inc,  Queens county reported a closed median home price of $360,000, representing an increase of 4.7 percent over January 2009’s figure of $343,750. 

The available residential, condo, and coop inventory levels continue to diminish as sales activity in all three counties remains active.  According to the new MLSLI Market Report, Queens reported 6,674 properties compared to 7,377 in July of 2009.  

According to Joseph E. Mottola, CEO of MLSLI, January figures show signs of a balanced housing market as home prices rebound and inventory levels trend downward.  Mottola further notes that, “The extension of the tax credit is still providing a strong incentive for buyers to enter the market and coupled with favorable financing and product selection, support a continuation of an active housing market well into Spring.” 

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Congress voted and the president signed the extension of the "Homebuyer Tax Credit". It now official as of November 6, 2009.

This "Home Buyer Tax Credit" bill was also changed to include current homeowners who has resided in their home for the past 5 years or more. If you were considering selling you home and buying a bigger (or smaller) residence (which includes Condominiums and Co-ops) you will now receive a $6,500 tax credit providing you meet the income limits.

First time buyer (anyone who has not owned a primary home in the last three years) will still receive the $8,000 tax credit.

Congress also increased the income limits so buyers who previously did not qualify now can get their tax credit!!

If you have any questions on this or any real estate matter please feel free to contact me.