Don and I attended the Summit Club meeting this past week for top producers at Metrobrokers GMAC Real Estate. We heard some stats about a revised increased NAR prediction of 5.3 million transactions being projected through 2008 and at least a 3% increase in 2009. So is that astounding? No, but the prediction is positive - a word we need to hear as real estate professionals.
We are seeing many speculators in the marketplace who would rather own land, building or business rather than a piece of paper on the stock market. Unfortunately there are many foreclosures, short sales and distressed properties currently on the market that can be had for a deal but that's actually the good news! Many of these properties are at all time low prices. You can actually make money in many instances by buying up!
There is also an opportunity for first time homebuyers who are currently renting. The government is also providing a $7500 tax credit to first time buyers or people who haven't owned a home for the previous 3 years through June, 2009.
In North Georgia, we have access to rural FHA loans where you can buy within FHA limits for little or no down payment. We were told by Metro Brokers Financial that the government grant program will also be available after January 1, 2009 where FREE money is matched up to $10,000 based on the down payment made just for staying in your home 5 years. I wish we had had that program when we bought our first home!
We, as realtors, have to think positively and inform our customers so they can take advantage of these GREAT deals!
The Regan Team, Metrobrokers GMAC Real Estate
North Georgia Mountains and Lovin' It!
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