June 2010 Market Update

Lowell Market – after the $8,000?

Dear John, What about after the $8,000 Tax Incentive?   Lucky buyers took advantage of the $8,000 First Time Buyers tax incentive! Here’s some interesting info for Downtown Lowell: 10 Closings in April. 6 Closings in May. 17 Listings are “Under Agreement”, 15 of which are scheduled to close by June 30. This means 31 condo sales in a 3 month span (we can’t remember the last time this happened) averaging $166 per square foot sale price. As of this mailing there are 62 “active” units available on the market in downtown Lowell. _________________________________________________________

Obviously the window of opportunity has ‘closed’ to take advantage of the $8,000 First Time Buyer Credit, but all is not lost… Considering the average buyer was willing to pay $178 per square foot, $24 more per square foot during the frenzy.   $2,400 was lost on a 1,000 square foot unit! This leaves $5,600 profit for the buyer. Still not bad!   With Mortgage rates still below 5% (who knows for how long?) and the price per square foot bouncing back to $156 average, this means buyers “after the frenzy” will still profit $2,400+ thousand$ over the life of a mortgage while the rates are still low!   Mortgage Rates 30 year fixed Mortgage is at 4.79% (at close of June 3rd, 2010) for well qualified buyers. In a nutshell…..NOW is still the best time to buy!   Lowell Lofts is your BEST COURCE of Market Information for Downtown Lowell!   Contact us today for financing options and more market information!   Visit www.LowellLofts.com for complete listing in Downtown Lowell.   Thank you,   John Callahan/Owner-Broker Steve Hayes/Realtor  LowellLofts.com

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