The real estate industry is entering a growth period and those looking to take advantage of a great deal, especially for the first time buyer, are warned against sitting for too long on the fence. Nationwide and across Orange County, real estate markets are experiencing increased growth and sales activity. RealtyTimes reported last week that “every region of the country saw increases in pending sales in June.” Rising sales coupled with low interest rates continue to push the housing industry out of the red and into the black. Read the full report, Real Estate Outlook: Growth Mode.
Locally, as another RealtyTimes article reports, “affordability, low interest rates, tax credits, and higher conforming loan rates are combining to boost sales in California, far above last year’s sales.” Today’s dream home might not be on the market tomorrow! Read California Enjoying Summer Sales Sizzle for the whole story.
One of the biggest boons to recent home sales has been the government’s $8,000 tax credit to first-time home buyers. Realtors® and home builders alike have seen a positive impact from the credit, and the National Association of Home Builders (NAHB) is urging Congress to extend the credit through another year and open up the opportunity to all buyers of a principle residence. The NAHB predicts that extending the credit would create nearly 350,000 new jobs in the next year and stimulate 383,000 more home sales. A Business Wire press release, Builders Call on Congress to Extend and Enhance Home Buyer Tax Credit, explains in more detail.
An extension of the tax credit would definitely be good for buyers and sellers alike, not to mention the economy at large, but those in search of a first home would be wise to not count on it. The current market presents a variety of unique opportunities that may not last forever. As Charles McMillan, president of the National Association of Realtors® (NAR) and also a Coldwell Banker Residential Brokerage broker, explains: “Housing affordability is hovering near record highs and there’s a wide selection of homes, but first-time buyers need to move quickly to take advantage of the $8,000 tax credit because they have to finalize the transaction by November 30.”
As McMillan went on to explain in a recent NAR press release, “various state, local and nonprofit programs target first-time buyers, and a Realtor® can help you identify the programs and financing options that are currently available in your area.”
Whether you are buying or selling, working with a professional Realtor® is the safest and surest way to make the most of your real estate experience; but don’t make the mistake of thinking that all real estate agents are created equally. Nobody does more for Orange County real estate than Coldwell Banker Residential Brokerage. If you’re in the market to buy or sell, contact one of our many local offices and find out how you can enjoy the highest level of real estate service.