First Time Home Buyers are Heros the Real Estate Market
FIRST BIKE: THERE'S A FIRST TIME FOR EVERYTHING. IS NOW THE TIME FOR YOUR FIRST NEW HOME?
Louis Howard, long time Seattle area expert in marketing opened a meeting of the New Home Council last week with the revelation that “40% of current homes purchased locally are by first time buyers.” This is a very encouraging statistic, as for many years the first time new home buyer seemed be largely ignored by the home building industry seeking the move-up and luxury segments. Now the first time buyer is the hero. Each “first home” sold helps the entire industry by bringing new customers into the market.
Currently The New Home Council has gathered several condominium developers and new home builders into a coalition to point the way for the first time new home buyer. Through their website, www.firstnewhome.net, buyers can learn about the availability of homes, financing offers, tips on how to capitalize on the Federal $8,000 tax credit and other incentives that make this Fall the right time to buy.
One important tip for anyone considering their first new home, is to act now. The inventory of homes priced for the first time buyer is being rapidly reduced by the fast pace of current sales. Current several condominium communities have excellent choices for first time buyers all around the Puget Sound region. For buyers interested in single family homes, the urgency is even more acute, as much of the entry prices homes have already been taken. A second factor for acting now is that the Federal $8,000 tax credit expired November 30, 2009. The reality is that in order to receive this credit, a homebuyer should have their home sale completed sometime between October 15 and 30 to allow time for the loan to be approved, the appraisal made and other paper work needed to close the sale. This $8,000 tax credit is available to any first time homebuyer meeting certain income qualifications. With that said, it seems like this weekend would be a very good time to do some home hunting. A good place to start would be www.firstnewhome.net.
