The next 20 days will provide what I feel is truly the "Perfect Storm" for anyone looking to buy a home.
We currently have: 1) Our Lender offering 3% of the purchase price to our Buyers for closing costs, 2) Northwest Natural Gas is offering a years worth of Natural Gas on any of the homes in the Ultimate Open House, 3) The Federal Home Buyer tax credit is still available, 4) Exceptionally low mortgage interest rates and 5) Great home values that have reset to 2002 in many areas. For instance:
•1) On any Marnella Homes town homes in Volare, Golf Savings Bank is providing a Lender Credit of 3% of the Sale Price up to $20,000. This program has just been extended for sales agreements dated on or before the 1st of June, 2010 with closing dates on or before the 30th of July, 2010.
•2) Northwest Natural Gas is offering a year of Natural Gas, up to $800, on our homes that we have presented in this years Ultimate Open House.
•3) The Federal Home Buyer tax credit is available for qualified home buyers on transactions executed by the 30th of April, 2010 and closed by the 30th of June, 2010
•4) We are seeing mortgage rates that are as low as our Grandparents took advantage of after World War II. These are rates that cannot be sustained at these low levels and will have to begin to rise.
•5) Home values in some areas, like here in Happy Valley, have reset to 2002/2003 prices. If you are looking at homes under $300,000, these values have bottomed out and have shown signs of strengthening in many areas.
So, for anyone thinking about or actively looking to buy a home, the current conditions for home buying are such that we may never see again in our lifetime.