First-time buyers are searching for homes with a growing sense of urgency; worried that time is running out on an $8,000 federal tax credit. I have been seeing a surge of first-timers who want to close on a property by Nov. 30, the deadline for the credit. The tax credit is just one reason. First-time buyers are also attracted by lower home prices - down about 35 percent in the region from the market peak in 2006 - and mortgage rates in the 5.5 percent range.
Lenders are being inundated with buyers and escrow closing periods have become longer. A home buyer should to have an open escrow by around Sept. 30th to have enough time to complete inspections, and obtain mortgage approvals. Homes under $400,000 price range is very competitive. A buyer may have to make several offers to get an opportunity to purchase.
A buyer that is trying to take advantage of this great opportunity should have the right REALTOR and Mortgage Lender working for them. In this type of market experience counts.
Posted By Tina Maraj. "Celebrating 20 Years of Real Estate Sales" 714-403-7901
Follow me on Twitter http://twitter.com/Tina4Homes www.TinaMaraj.com
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Tina
I would like to see many first time buyers come up to the plate fast; when this tremendous opportunity is gone it's gone.