It Gets Better for First Time Home Buyers

    This is undeniably a great time to buy a home and even more so for first time home buyers.  Prices are lower than in a decade, interest rates, although they have ticked up slightly in recent weeks are still at post WWII lows, the Federal Government is giving first time buyers up to $8,500 in tax credit and now for first time home buyers in Maine, the Maine State Housing Authority will provide grants of up to $5,000 which can be put towards the down payment, closing costs or escrow funds.

   That's right, I said a grant.  The program is called The Gift of Green and it is just that, a gift.  This does not have to be paid back, there is no recapture of the payment upon sale of the property in the future.

   In addition to the grant first time home buyers will get a coupon good for up to $500 to specifically pay for an energy audit of the property they are buying. Buyers can use this to identify opportunities to save even more money in heating costs.  So not only will this program help to stimulate the housing sector of Maine's economy but possibly also the energy efficiency related industries.

   Dale McCormack, director of The Maine State Housing Authority is quoted as saying that in an average year 2,500 Mainers are first time home buyers and as many as 90% of these could qualify under the liberal guidelines for this program.

   Chris Pinkham, president of the Maine Association of Community Banks said the program could have a "trickle up" effect.  Making things easier for first time home buyers makes it easier for the owner of the home they buy to move on and purchase another home.

   The Maine State Housing Aauthority grants are funded by bonds sold by the Authority and not taxpayer funds.

   Here at Newcastle Square Realty we have seen a decided up tick in activity and properties going "under contract".  First time or any other buyers will want to start looking now as inventory is beginning to go down and the better properties are the first to go.  Why not call today and let one of our experienced real estate brokers show you what's available and just how far your money can go.

Jim Cosgrove

Comments

[John Herrigel - Maine Real Estate Agent]

Hi Jim,

Enjoyed reading your post and I would certainly agree with the uptick in sales as I have seen it in the greater Portland area being driven by the 1st time homebuyer's and the tax credit! What is a pain is the short sales and foreclosures mixed with government financing that seems to be gumming up the system still!

[Jim C.]

John, you're right that those types of sales are messing up the comparable sales figures. All the more reason a homebuyer needs an expereinced licensed broker who is familiar with their area to guide them through the process.

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Yeah! I agree with you "This is undeniably a great time to buy a home and even more so for first time home buyers." There are many people keep saying that. That's why my mom and dad are planning to buy properties this year. Anyway thanks for sharing.

-joicee-

[PrimeWaterfront]

I agree the real estate arena is beginning to improve, in baby steps. We have noticed a definite uptick in the waterfront property industry, partly due to the number of foreclosures on the market and it is "the season". Additionally, with seasonal renters, there always comes the opportunity for a sale.

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Hi Jim, All the more reason a homebuyer needs an expereinced licensed broker who is familiar with their area to guide them through the process. I like it.. thanks for share

[Cherry Emery]

Thanks Jim thanks a lot for your informative tips . First time property buyers should check every aspect of the broker then then he should proceed for buying property .

http://betterblog.ning.com/profiles/blogs/essential-tips-for-first-time

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Different home buyers should have confidence on realtors in terms of ensuring profitable investments .

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When a home owner tries to sell "By Owner", they basically use two techniques to get the word out--a plastic sign from the local hardware store and classified ads in the local newspaper. When a seller lists their home with the professional real estate agent, however, a very sophisticated process begins in order to make sales happen.
Real estate agents have a backlog of prospective buyers for the homes in their market. Through the Multiple Listing Service, the agent cooperates with other brokers in the area who will show your home to their prospective buyers.

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Agreed in full. Thanks for such a great article to share with.

Deirdre G

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