Home values in Yakima are upPosted: Updated:
YAKIMA, Wash--Home prices are starting to slowly bounce back around the country. But not in Yakima. Here the price increases are much more dramatic. Daniel McLaughlin is a buyer broker with "The Buyer's Agent Realty".
"The average sales price for a home last month was $174,00, which was up 6.5% for a year ago."
This is according to the Multiple Listing Service. Yakima is actually one of the top four counties in the nation in terms of expected appreciation and stability.
McLaughlin continued, "Yakima has really benefited over the last 25 years from slow, moderate growth, stable jobs, lots of agricultural jobs. We're seeing a lot of medical professionals, and also, we see an increase in people moving to Yakima to retire."
That's what's helps keep the local market more stable than other places. But fueling the highest sales ever for a February in Yakima is the federal tax credit.
"The $8,000 tax credit for first-time home buyers is creating a lot of incentive and a sense of urgency because it is set to expire in April", says McLaughlin.
First time home buyers have until April 30 to sign a purchase contract for a home to qualify for the credit. Additionally, the escrow must close by June 30. Since loan approval has become more difficult in the last year and a half, many escrows are closing later than expected. Bottom line? If you are looking to take advantage of this tax credit, you need to buy soon.