No Better Time for First Time Home Buyers

     Let's start with a fact.  The fact that right now the real estate market stinks!  It is a lousy time to be trying to sell your home. Okay, so why is that?  Why is it a lousy time to be trying to sell your home?  Because, there are a lot of homes on the market and that is driving prices down.  There are a lot more homes on the market than there are buyers so...buyers have lots of options and are in position to pick up any one of multiple properties at pretty attractive prices compared to just 2 years ago.

   So, this leads us to another fact.  It is a great time to be trying to buy a home. That's right, that's the way it works.  It is never both a bad time to sell and buy.  Or to buy and sell. One side of the equation has to be better. 

   Right now in the central Lincoln County towns of Damariscotta,Newcastle, Bristol, South Bristol, Bremen and Nobleboro there are great buys available on all different sorts of homes, from starter homes to mid price homes to luxury retirement homes.  There are cottages and camps, building lots and large tracts of land on the market and a buyer would have multiple choices in any category.

   On top of that mortgage rates are still quite reasonable.  Although mortgage rates fluctuate according to bond prices and those have been all over the place lately, rates are still under 7%.  Our local banks right here on Main Street (and Church Street) have money to lend and friendly, helpful and knowledgeable loan officers that would very much like to talk with buyers.

   As if that wasn't enough, if one is a first time home buyer, the Federal government is offering a tax credit of up to $7,500.00.  To qualify, buyers must buy before July of 2009, may not have actually owned a home in the last 3 years and must have a combined household income of $170,000. or less.  There is no pre purchase authorization or approval process.  Buyers simply claim their credit on their tax return.  Of course you should discuss this and any tax related matter with your tax preparer or other qualified professional before acting.

   If you are a home seller, these are tough times.  Don't worry, your time will come again.  But, right now this is the time for home buyers.  There will never be a better time to buy a home than now.  Why not make an appointment to sit down with us and see what is available?

Jim Cosgrove

Comments

[John HErrigel]

Jim, just getting back to reading your blog as I work out of Bath with Green Tree Realty. I would have to agree with you that the time is truly ripe to get into the market. What you can get for your money in Bath is unbelievable! As of the last couple of weeks, I have also seen a bit of a pick up in interest for all property types!

[Jim Cosgrove]

John,
My theory is that we were in a bad real estat market and then somewhere around the time Lehman Bros. failed, irrational fear took hold and it became a horrible real estat market. I think the "fear factor" is wearing off and we are getting back to a simply bad real estate market. Which is an excellent time to buy. Low prices, lots of inventory to choose from and relatively low interest rates for borrowers! Someone may lose if they are selling but if they're careful they can more than make it up when they buy.

[Nicaragua Condos For Sale]

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