What Buyers and Sellers can feel good about

Some Positive Real Estate Talk

Though the economic news in the media is gloomy, the real estate market is actually stacking up quite well for buyers right now, particularly ones that do not have to first sell a home. Just last week interest rates dipped down about 1% from 6.75% down to around 5.75%. Real estate sales in our market had been strong from the middle of June through the end of August. Seasonally, Sellers tend to be the most motivated this time of year – making this a good time to negotiate a more aggressive purchase. The fact that a Seller’s home did not sell in the last three months when sales were up should add to a Seller’s motivation. Inventory is still plentiful, offering the ability for Buyers to shop and be selective. Last but certainly not least, the Federal Government's $7500 First Time Home Buyer Tax Credit is still in place. To receive this benefit on the Buyer’s tax return in April of 2009 however, a purchase and closing needs to be made by the end of 2008. Otherwise the buyer would need to wait a year longer for the tax credit.