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$8000 Incentive vs foreclosures and short sales ...and the winner is.......

By June Lewis

Real Estate Agent with Northwood Realty Services

June 23, 2009 11:11 PM

I had a closing today, representing the sellers. I mentioned to the buyers, that it was great they took advantage of the $ 8000 Incentive program offered by the government. It, and the FHA program was instrumental in fulfilling their dream of a home.

The closing officers mentioned that 80 % of his closings are the benefactors of the $ 8000

Incentive program. Their interest rate was a 4.3 %... A great break for a newly married young couple.

Have you noticed a substantial increase in the use of the incentive program or in your market, are the foreclosures and short sales the front runners for buyers?.

We are in the planning stage, along with of our large Liberty Mutual Insurance Company, a First time Home Buyer Seminar.

Has anyone taken part of these type of seminars and do you have any tips and suggestions to share thanks in advance. Boy it is a force of habit...A question comes up and we lean on the wisdom of the rainers.. That says volumns about the members here in the rain

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Roy Kelley

Retired - Gaithersburg, MD

The $8,000 tax credit is a wonderful benefit. Some articles are advising that a strong percentage of the first time buyer prospects still are not aware of the incentive.

We have not seen a surge of first time buyer sales. The ability to qualify for mortgage financing has delayed many of those transactions.

Follow me on Twitter: http://twitter.com/roykelley

Jun 23, 2009 11:17 PM

June Lewis

Northwood Realty Services - New Castle, PA

Realtor Northwood Realty - New Castle,Pa Lawrence Co 7247304571

Hi Roy thanks for the comment. Do you think young buyers are just uncertain about anything that could be free and a benefit to them. There are so many " opportunities " that come down the pike with tons of condition and strings attached. This program too has its share of conditions ...although a wonderful opportunity for these first time home buyers that do qualify.

Jun 23, 2009 11:22 PM

Frank Rubi

Frank Rubi Real Estate, LLC - Metairie, LA

FrankRubiRealEstate.com

June, our biggest challenge is to get the first time home buyers off the fence. This is then followed by the increase cost of insurance and taxes here in Southeast LA. We are seeing an up tick in first time buyer inquiries although.

Jun 23, 2009 11:30 PM

Ed Vogt

Midwest Properties of Michigan - Grandville, MI

Grandville, MI Midwest Properties

I've noticed an increase in business from the $8000 credit, but I've also been talking about it a lot. If you (the first time buyers) don't read the paper or watch the news, then it's hard to know what's going on with these new incentives.

Jun 23, 2009 11:31 PM

Hi Frank Why do you think they are on the fence? I agree they look at this opportunity as unreal. Isn't it funny they give with one hand and someone waiting to take it out of the other one. What you save will go to someone else. It's a merry go round.

Jun 23, 2009 11:37 PM

Hi Ed What a valid point..you are right some buyers just are not aware. How are you leting buyers in on the program?

Jun 23, 2009 11:40 PM

John Combs

Alan Deblat Real Estate Corp. - Oceanside, NY

The seminar is a great idea. First timers are in a teriffic position now with the tax credit.

Jun 23, 2009 11:52 PM

Hi John We are in the planning stages, another city 45 minutes away and had 30 people attend. That was a shocker to me. I would think something Free and a program that could make a difference to buyers would be well attended.

Jun 24, 2009 12:14 AM

Mary Strang

Viroqua, WI

If you are a first time buyer, better hurry up and find a home. In our area many of the best homes have already been sold because of the $8000 is bring out many first timers.

Jun 24, 2009 12:19 AM

Hi Mary.. You are right and what I am hearing is that the closer we get to the deadline, the less the chance of finding the home in your price range because as you said ..the best ones are taken thanks for the reminder. May use that on the Flyer to make the buyers aware that they are at a disadvantage to wait.

Jun 24, 2009 12:32 AM

$8000 Incentive vs foreclosures and short sales ...and the winner is.......

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