According to Melanie Hobson on Good Morning America, it appears the economy is improving. Although new home starts were down, existing homes are up and that's a very good sign for our area. Mortgage rates are still low, 5% for a 30-yr fixed is fantastic. Talk is, in addition to the possible extension of the first time homebuyer credit, the Senate is also considering one for repeat buyers as well in the amount of $6500. If you consider the lowest home prices in years, coupled with the low interest rate AND a credit, that is an excellent incentive for buyers to get out there and SHOP. The IRS said 1.4 million taxpayers had already taken advantage of the first-time homebuyer's credit so far. Don't let this opportunity pass you by! To see the GMA interview http://abcnews.go.com/Video/playerIndex?id=8944659

First time homebuyers credit

Thinking of relocating to Hatteras Island? If you are a first time homebuyer there are options for you to consider and take the credit the government is offering. This credit is due to expire December 1, 2009.

There are options besides a house, you can also purchase a mobile home and land and qualify for the credit. The credit is 10% of the purchase price of the home, with a maximum available credit of $7,000 ($8000 if you purchase your home in 2009) for either a single taxpayer or a married couple filing a joint return, but only half of that amount for married persons filing separate returns. The full credit is available for homes costing $75,000 or more ($80,000 if purchased after Decc. 31, 2008, and before Dec. 1, 2009). Visit us at www.obxhomes4u.com for featured homes.

No better time to buy than TODAY on Hatteras Island

For those of you keeping your eye on the prices and waiting for them to go lower, it's not likely that's gonna happen. Prices are stabilized with the increased interest of buyers and activity in the past two months. More and more people are getting out and looking and not ashamed to make low offers. Their justification is simple.."they don't want my offer, there are plenty of others who will" and they move on. Today's buyers are savvy and do their homework visiting the County website, looking at the tax valuations and poring over MLS to look how long homes have been on the market and how many price reductions have been applied. They compare size, location along with recent sale prices to determine who is over priced before even coming to the table. Again, the rationale, if the home is over priced odds are the seller is not serious about selling and therefore more than likely won't entertain anything reasonable. By reasonable, they mean what they are willing to pay.

Additionally, shortsales are taking longer
and longer to get responses since the banks are not as inclined to "go there" due to changes in market conditions. Buyers jump on bank owneds almost as soon as they come on the market simply because they don't have to wait for months to get an answer. In order to even come to the table on a bank-owned property, buyer's must be pre-qualified to demonstrate they are able to complete the transaction if their offer is approved.

November is perhaps the most productive time to make an offer as the rental income has been depleted for the year and the seller has nothing to gain by hanging on, especially since they have to continue making the payments without the benefit of rental income until February in most cases. For You, the purchaser, your first payment may not be due until January or Febuary at which time the 2010 advanced rental deposits will begin to be distributed. So, if you've considered making a move, now is the time to seriously take a look at what's out there!