Tonya Squires

In Nashville, TN, the housing market is clearly much better than many other markets across the country. However, the housing inventory is realtively high. So high, in fact, many of our listings are lacking in showings! What should we to do to steer buyers to our Middle Tennessee listings?

Because of recent passed legislature, it is a prime time to buy a new home, especially for first time home buyers. Some how we need to publicize the first time home buyer tax credit and the urgency to buy before down payment assistance programs, such as Ameridream, are phased out.

Who is eligible for the tax credit?

• The $7,500 tax credit is available for first-time home buyers only
• The law defines a first-time home buyer as a buyer who has not owned a home during the past three years.
• All U.S. citizens who file taxes as eligible to participate in the program.

Types of homes that qualify for the tax credit

• All homes, whether single-family, townhomes or condominiums will quailfy
• The tax credit includes newly-constructed homes

Several down paynment assistance programs can currently help buyers with low cash reserves purchase homes with little or no cash. Genesis, Ameridream and Nehemiah are three that I have used with buyers to purchase a home. However, these programs will no longer be available after September 30th of 2008. In Nashville, TN, the Tennessee Housing Development Agency offers mortgage assistance programs to low- and moderate-income/first-time homebuyers. This will continue to be available after the other programs are phased out.

Other possible ways to steer clients to view listings are:

• Offering gas card drawings to open houses
• Craigslist posings
• Email postcards to potential buyers

What are your suggestions to bring buyers to view listings? Most of the listings we currently have are receiving few home tours. We need to sell our listings in order for our sellers to buy.