They say a picture is worth a thousand words, however due to the large number of homes for sale in the Neuse River Region Association of REALTORS® maybe the word "picture" should be replaced with "graph".
We are in the middle of a BUYER'S MARKET and based on sales so far this year I suspect that we will be for some time to come. However, there may be some light at the end of the tunnel, and no it's not a train! I'm talking about the HOUSING RESCUE bill that hopefully President Bush will sign into law today.
Three of the things I am most excited about are:
- The $7500.00 tax credit for first time home buyers
- Help for Fannie Mae and Freddie Mac
- Addition benefits/protection for VA loan participants(good news for our Military population including MCAS Cherry Point active duty and retirees.
If this bill becomes law, the first time home buyer provisions could help all of us make home ownership a reality for many people. This is a huge win for the consumer, and will help real estate professionals, sellers, mortgage providers and contractors alike.
In addition, if this bill can slow further foreclosures, every neighborhood and property owner may benefit from the reduction on the value of THEIR property due to a foreclosure(s) occuring in their neighborhood. I've ready that nationally a foreclosure in the neighborhood can adversely affect the surrounding properties a minimum of $5000.00.
As a second year real estate broker, the current market is the only one I've known. I see good things ahead, and truly think we've about stopped sliding. I believe the market is starting to turn and this new legislation will help the housing market tremendously.
I'm preaching to the choir I know, but this could truly be a great time to buy a home. When Jim Cramer on MSNBC started saying it was time to buy, and the market was turning I got excited. ( The video is kind of long, but the best part is in the first 3-4 minutes).
Let's hope the consumer will see that there are opportunities available for them!
Information from the Neuse River Region Association of REALTORS® MLS
I'd love to hear your thoughts on your market and what you think is coming.
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