Spread the word…HUD recently announced that qualified First-Time Home Buyers who want to take advantage of the available tax credit of up to $8,000 now have another option available to them to help them become homeowners.
Between the some of the lowest rates in history, lower sales prices, the highest inventory levels we’ve seen in some time, and some of the largest seller contributions we’ve seen, now is the time to buy! Add to all this an $8,000 tax credit – and first time buyers are witnessing the perfect conditions to build their net worth by buying a home.
It's clear that first-time home buyers have been having a major impact on the housing market this year. The National Association of Realtors announced that first-time buyers, who typically account for less than 40% of home sales each year, have been especially busy…in March, homes that were purchased by first-timers accounted for 53% of all sales, and this percentage is expected to hold true for all of 2009.
With home affordability higher than ever, available tax credits and some of the lowest interest rates ever recorded for home loans, who can blame them? Particularly as a first-time buyer, there may never be a better time to buy a home than right now.
However, the availability of a tax credit, while a great incentive, does not put the money in the hands of a buyer right away. HUD's announcement now allows for prospective and qualified home buyers to borrow the money from approved agencies and lenders.
While details of participating lenders and HUD-approved agencies are not yet available, this should turn up the heat on prospective buyers to get busy searching for their next home. As further details become available, I will get them to you.
Until next time,
Leigh Bramer
Broker Associate
Coldwell Banker
Leigh@BramerRealEstate.com
720-291-1111
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