OPEN HOUSES THIS WEEKEND SUNDAY, FEBRUARY 22, 2009

73 Seminary St $739,000 1-3PM. 3 Bedroom Townhouse in Mint Condition near town
www.newcanaancondo.com


383 Greenley Road $2,395,000 1-3PM. 6,000 sq ft Colonial in prime location
www.383greenleyroad.com


687 Carter Street 1-4PM $2,395,000Renovated 5 Bed Colonial with pool and Sport Court
www.687carterstreet.com


184 Lukes Wood Road $2,900,000 8,000 sq ft Bank Owned Home Ready for Quick Sale
www.newcanaancountryestate.com

More on the Stimulus Plan

This article in the Wall St Journal today spells out the some of the details of Obama's plan being unveiled today in trying to break the cycle of foreclosures and falling home prices. Key to this plan is a government subsidy to help banks modify troubled loans. Click on the title to read the story.

First Time Home Buyers Tax Credit...The Details

In order to understand the benefits more clearly, I'm posting a chart, compliments of the National Association of REALTORS®. As you probably have heard, both the House and Senate have passed the Stimulus Bill and the President signed it today. This one offers a non-payback plan. That is non-payback as long as the borrower owns the home for over 3 years. The good news for first-time home buyers who have purchased in 2009, this bill is retroactive.

In addition to the Stimulus Bill, the President is scheduled to announce the Administration’s comprehensive housing recovery program tomorrow. I will be in touch with more details about this announcement as it is released. It will focus on foreclosure relief and the modification of existing loans (delinquent and possibly current).

New Canaan Real Estate Activity February 1, 2009 through February 15, 2009 (Residential Only)

New Listings 20

Price Changes 27

Contracts Pending 6

Total Homes on Market 237

By Category
Under 1 million 38
1 to 1.5 million 38
1.5 to 2 million 28
2 to 2.5 million 21
2.5 to 3 million 21
2.5 to 3 million 28
3 to 4 million 29
4 to 5 million 13
Over 5 million 31

While there are no closed sales to report, there is an increase in the number of pending contracts. Activity at open houses is very brisk as many buyers are coming out to check out the current inventory to see what is new and stay current with the market. The number of homes for sale under one million represents a much larger selection that we have seen in a very long time. For first time buyers, this may be a window of opportunity to purchase a solid home in New Canaan and still be eligible for the federal tax credit of $8000 which does not have to be repaid.