Friday, February 12, 2010

Home Sales On The Increase In Cookeville Area

It could be a sign that the recession is lifting somewhat in the Cookeville area. The Upper Cumberland Association of Realtors says that home sales are up for the first time in two years. According to the Association, the number of homes sold in January of 2010 was up sixteen percent over sales in January of 2009. Spokesperson Colleen Edwards says this marks the first increase in year-over-year sales since 2007. Realtors in the area are reporting an increase in prospective buyers interested in taking advantage of the $8,000 first-time homebuyer tax credit, as well as those interested in the $6500 tax credit for "move up" buyers. Sales are also being spurred, she says, by historically low interest rates. Edwards says both tax credits are set to expire on April 30th and interest rates are expected to rise by the summer, making the winter months, which are typically the slowest months of the year in real estate, "very active."