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Buyers swarm the town of Venice and keep sales climbing.

November 2nd, 2009 9:41 AM

The buyers are back in town and there is lots of good news!

Total units sold in October, 2008 was 62 for a grand total of $12,442,379. This year for October there was a total of 108 units sold with a grand total of $14,651,800 in sales. The median price in 2008 was $143,500 as compared to $136,700 for this year. The average price in 2008 was $200,684 and in 2009, $152,623. Cash remains king with 57 sales in 2009, compared to 34 in 2008. Conventional financing remained even with 17 units for both years. FHA increased to 10 units versus 6 in 2008. 1 VA financed in 2009.

On the government front the homebuyer credit continues. Hooray!!! This should continue the upward sales trend. The Senate has tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have resided in their current residence for a consecutive 5 year period during the last 8 years. You must be under contract by April 30, 2010, and close before July 1st.

Congress passed a congressional resolution that would extend the current higher Fannie Mae, Freddie Mac, and FHA loan limit through 2010. It extends Fannie and Freddie at 125 % of local median home sales prices, up to a maximum of $729,750 in high-cost areas. The floor for FHA is $271,050, the floor for Fannie Mae and Freddie Mac conforming loan limits is $417,000.

What’s happening in Venice? The Art Fest runs Nov. 7-8^th on Venice Ave. The Holiday Parade is Nov. 28^th at 7-9 p.m. downtown Venice Ave. Beginning Nov. 21^st through mid Dec. visit Historic Spanish Point for the Heritage Holidays Living History. Contact (941) 966-5214 for further info for Spanish Point.

Be thankful and have a wonderful Thanksgiving, Alice