A hot topic in the real estate world - Realtors everywhere are blogging, posting, mailing information regarding this amazing benefit so that those who qualify to receive the $8,000 will be educated on the process and most importantly, THE IMPENDING DEADLINE.
Yes, this "stimilus" benefit is not long-term and the December 1, 2009 expiration is approaching quickly. Yet many individuals feel they have time, prices will come down more so they need to wait, rates will decline so they can afford more.
What is missing in this thought process??? The MASSES. Yes, we are already seeing upturns in several markets with statistics showing a 4-month rise in pending home sales. For the Portland-Metro area, June 2009 posed an increase in pending and closed sales along with a decline in available inventory (according to RMLS - the local real estate service).
With a glass half-full perspective, we are only beginning to see what will be a race to the finish. Buyers are realizing this exact market (low prices, low rates AND free money) will not be around forever; specifically, it will not exist as of December 2nd.
Please, if you take anything from this blog, heed the advice of the professional... do not wait!
As with any supply/demand situation: the supply is shrinking, the demand is increasing. The longer you wait to start locating your new home, the higher chance you get stuck in the masses with loan approvals, competitive multiple-offer situations on houses, and the sound of the buzzer on 12/01/09.
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