Great News for First Time Home Buyers....
I am trying to digest all the news coming from Washington DC, and there seems to be many things going on, and still more to come. I do know that the First Time Home Buyer Program has had a significant change. The first being the Tax Credit has been increased from $7,500 to $8,000. It is a complete Credit, with no pay back, which the previous rules required. This program will be available for those who purchase through December 2009, so there is a small window of opportunity to take advantage of this FREE incentive.
Here in Falmouth, MA where I Sell and List Real Estate, (www.peterhawley.com), there has been an increase in the number of people looking for property. Now with this $8,000 Tax Credit available, Interest Rates for Mortgages in the low 5% range and possibly going lower, and a great inventory to select a house from, those who have the long view, meaning staying in a property for 5 plus years, this is the time to purchase.
It always seems Real Estate Agents say that, it is a "Great Time to BUY", but if you review the facts, it is a Great Time to Buy. With the increase activity of people house searching, the better opportunities are available for only short periods of time. Bank owned properties receive multiple offers and are moving. This is the segment of the market that offers real opportunity for those who have the long view. Buyers might be able to provide the TLC to those properties that have "good bones" and with some time and effort again can sparkle.
Will there be other buying incentives coming from Uncle Sam, we need to stay tuned to see what else might appear on the horizon. I am confident that any new incentives will be retroactive to the beginning of 2009, so one does not need to be fence sitting, one needs to identify the properties that best meet their needs and take action they may not be available next week.
Please contact me at firstname.lastname@example.org or call my direct line at 508-444-4057, to set an appointment, so we may work together and find you an OPPORTUNITY to BUY!