Dropping Into Your Lap
April 4th, 2009 categories: Market Trends, Real Estate News, Relocating
“Doubtless one man’s loss is another man’s gain.”
Walter Scott, 1821
Yesterday’s New York Times featured an article on the influx of first time homebuyer’s who’ve taken advantage of the current real estate market, which is flush with foreclosured homes for sale. Of course, “foreclosure property” normally means a home priced at a bargain.
The article highlighted a few bright spots in the evolving housing market:
1) Many families, who previously rented, are now finding bargain prices coupled with rock bottom interest rates, resulting in increased purchases.
2) The addition of the first time homebuyers tax credit of $8000.00, coupled with bank incentives (like closing cost assistance for buyers) on listed foreclosed homes has encouraged many to purchase a home for the first time.
3) Additionally, many buyers ar taking advantage of current Federal Housing Authority loan requirements which allow for lower credit scores and a down payment of 3.5 percent of the purchase price of the home.
For many of us in the real estate industry, the Times article is anything but surprising. The price depression is something you’d have to be blind to miss. Coupled with low interest rates, and now, prime buying season, those interested in purchasing a home, who may have been on the sidelines waiting for the dust to settle, have decided it’s time to get in the game. Perhaps they’ve heard the old adage; “Never look a gift horse in the mouth.”
If you’re one of those on the sidelines, don’t you think its time to get moving? Believe it or not, the great deals won’t be there forever.
