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December 9th, 2008 11:28 AM by David W. Welch
I don't know if it is because I added two more first time buyer pages to my website or if there are just more first time buyers looking, but first time buyer activity is way up. I suspect there are actually three things going on that are impacting first time buyers. One, is that prices have come way down, and are in a much more affordable range for the first time home buyer. I believe a lot of these buyers are the same people that were priced out of the market a few years ago, and they are ready to jump on the bargains that are out there. Two, the tax credit for first time buyers is doing exactly what it was meant to do; stimulating demand. While most people realize by now that the tax credit is really just an interest free loan with really easy terms, it is still like found money. I have had a few people looking into borrowing from their 401K or IRA for the down payment, knowing that they can repay it when they receive their credit back. Three, lenders and borrowers are starting to do what they always do when money is hard to come by; they get creative. There are down payment assistance programs, USDA loans and good old fashion FHA and VA loans to limit the amount of cash out of pocket for buyers.
If you are a buyer looking right now, we are running out of time to get things closed before the end of 2008 to get the tax credit back in 2009. Contact David Welch direct 407-924-7670 today.