A new report in the Fox Business News today says that U.S. home sales rose to a record 10.1% in October (see full article) based on information from the National Association of Realtors (NAR).

As I posted in a blog last week, the First Time Home Buyer Tax Credit has significantly improved the market in the 100K price band in the Fort Worth Texas area.  And this too will have a modest ripple effect on pricier homes as the sellers of those homes move up.  Now, we have the expanded part that was added to the bill, that allows existing homeowners (that meet certain conditions and requirements) to purchase a home and will benefit up to $6500 dollars with a tax credit.  This is certainly good news for home buyers and the real estate business/industry. 

If you're reading this blog, you are perhaps one of those eligible to receive to purchase a home and get the tax credit.  This is a time limited option and home prices are subject to go up, if the surge to purchase homes is strong as I expect it to be.  Being on the wrong side of this curve could erase the benefit of the tax credit if the demand lowers home inventories faster than they can be replaced (demand exceeds supply).  Therefore, the biggest gainers are those who begin to act sooner rather than later.

Get your home on the market immediately (we want your listing) because it takes time to sell your home and you don't have the time to spare since you will soon be a buyer too!

...and first time home buyers lets start looking at homes because inventories are already tightening in the 100K price range because many local zip codes in the Fort Worth area are already in a sellers market.

Bernie