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For Most Buyers - It's still a GREAT time to BUY !!

By
Real Estate Agent with Bergen County, NJ - RE/MAX Real Estate Limited
~

Spring and Summer 2009 will likely go down in the Real Estate Annuls as
"that great time for BUYERS"

 

And while it's true that 2010 may bring equal if not 'better' incentives for buyers if certain proposed extensions of the Federal Home Buyer Tax Credit are passed, there may be some downsides to waiting to make a move.

Right now, home prices have fallen to 3-5 year lows, there is still $8,000 free cash for qualifying first time buyers, sellers are still willing to negotiate, sometimes adding items or incentives to the deal, and after the sharp spike in mortgage rates last month, even those rates have in fact pulled back to some of the lowest rates we may ever see in our lifetime.

 

 

So with all these things still on the table, the buyers who are still on the fence, may find themselves looking back at 2009 with slight regret if they dont go after that great new home before December 1st.


Why December 1st ? Well that's the expiration date for the first $8,000 tax credit program, and although it may be extended - it also may not !

So if you or someone you know is contemplating whether to go for that new purchase in the near future, or if you should wait another year, it may pay not to procrastinate any longer, as the end of summer deals where sellers are concerned to hold on to their listings through the end of the year, could unveil some outstanding opportunities for buying deals !

 


So digest it, then call your Realtor(R) and discuss the opportunities in your market, and if you're looking to buy in Bergen County New Jersey, call me !

Dont look back with regret that you missed one of the truly great buying times in our lifetimes !

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Sheldon Neal is a Realtor® with RE/MAX, specializing in Homes For Sale in the Bergen County, NJ area.

If you are looking for Bergen County Realtors, call local expert Sheldon Neal for all your Bergen County Buying & Selling needs ! 
Sheldon Neal  ~ RE/MAX REAL ESTATE LTD.
cell: 201-481-2891
email:     SheldonNeal@remax.net
website:  www.SheldonNeal.com

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Show All Comments
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

This week we wrote an offer on a fantastic deal for a young couple.  They will have to loose money to sell.  But they are buying a house at 50% or so of it's market value, so in a few years they will be SO happy they did not wait until the "market was better" to sell.  And I think you're right that in hind site this will be the best opportunity some people will EVER have to get a grea deal on a home.

Jul 24, 2009 03:53 PM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Sheldon..You have said a mouthful..this is free money..the next incentive is said to be a loan...I am with you ..buyers will lootwitter@helpfulhannahk back on this and say "should have ,could have"...Thanks

HELPFULHANNAH

Jul 24, 2009 04:01 PM
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Hi Sheldon, Great post today! Timing is everything, and I think your assessment is correct. The first time buyer credit alone, would definitely get me off the fence.  That is truly a great gift.

Jul 24, 2009 04:24 PM
Leslie Stewart
Oregon Licensed Broker with Berkshire Hathaway HomeServices Real Estate Professionals - Stayton, OR
Realtor, ABR, CRS, Oregon Licensed Broker

This a shoulda, woulda, coulda.  Buyers need to make it a positive... I did it!

Jul 24, 2009 04:34 PM
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

Hey Sheldon - I know that the tide has turned in my area and buyers are finally understanding that there are tremendous deals out there and the tax incentive is for real!  It is a WONDERFUL time to buy!

Jul 24, 2009 11:25 PM
Toula Rosebrock
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,

ToulaRosebrock,com

Hi Sheldon:

This is so true...it's a GREAT time to buy!

So many buyers are still waiting and thinking that the tax credit deadline will be extended.

Jul 24, 2009 11:47 PM
Craig Andriulli
Bond Street Mortgage NMLS #191351 - Paramus, NJ
Vice President NMLS #212830

This is a great post and should be featured! It IS A GREAT TIME TO BUY!
Mortgage rates are at the lowest these buyers may ever see.

Jul 25, 2009 12:35 AM
Stephen Kappre
KW Hometown - Mantua, NJ
Helping You Home

I've worked primarily with FTHB over the last year + ... I am curious to see if we will see a push to get into homes before Dec 1st. I know one thing - they beter start NOW because buying a home isn't like buying new shoes.

Jul 25, 2009 12:48 AM
Ann Allen Hoover
RE/MAX Advantage South - Hoover, AL
CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL

Hi Sheldon!  I've gotten lots of calls this week from buyers who don't want to miss this.  It's not just that....they are realizing that when interest rates go up, their buying power will go down.

Have a great weekend!

Jul 25, 2009 01:26 AM
Caren Wallace
Premier Property Group LLC - Tualatin, OR
Portland Caren Real Estate

Sheldon, well put and the buyers who procrastinate are possibly going to regret that decision....I say go for it before there is no tax credit to be given!!!!

Jul 25, 2009 03:12 AM
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Shedlon... I would that 2009 is one of the best times to buy since I have been in the business, since 1992. Home values are lower... not as low as then, but lower in the last 5 years...  Rates are about the lowest since I have been in this business... and yes, you are now given $8,000.  How can it not be a great time to buy. One main ingredient for so many?  Money upfront..

jeff belonger

 

Jul 25, 2009 04:16 AM
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

There's no doubt about it, this year has been a truly great time for buyers. Some will cash in and others will let some of the opportunities pass them by.

Jul 25, 2009 04:19 AM
Robert Hammerstein
Christie's International Real Estate - Hillsdale, NJ
Bergen County NJ Real Estate

Sheldon - Howdy Neighbor....Woo Hoo! You're on top with us! Woo Hoo.....

Jul 25, 2009 12:15 PM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

It's a rough time to buy here, supply is low because buyer demand is high.  THe prices, interest rates and tax deductions are awesome for first time buyers.  Lots and lots of all cash investors here too!

Jul 25, 2009 12:36 PM
Richard Stabile
Re/Max Real Estate Limited - Oradell, NJ
Bergen County New Homes Builder Realtor

Sheldon:

From your month to God's ears.

Richard

Jul 25, 2009 03:57 PM
Robert Hammerstein -
Christie's International Real Estate - Hillsdale, NJ
Bergen County NJ Real Estate

Sheldon - It is a great market again and we are all doing better for it. Congrats on the Closter home btw...

Jul 26, 2009 02:33 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Sheldon:  Any buyer who wants your help to take advantage of the tax credit better book you now!  I know that you are as slammed as I am. 

Jul 26, 2009 04:08 AM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Sheldon, If the first time home buyers are still sitting on the fence, it's time to hop off.  They will lose that tax credit if they wait and that's no small amount!

Jul 26, 2009 11:30 AM
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Procrastination Sheldon now with all the planets lined up for the buyers DEFINITELY doesn't make sense.

Jul 27, 2009 04:27 PM
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Sheldon - Your title sums it up quite nicely.  This may go down as one of the more opportune times to buy in history.

Jul 28, 2009 04:32 AM
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