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.

Real estate news outlet RealtyTimes recently cautioned potential buyers, “don’t sit on the sidelines if you’re serious about buying a house this year.”

In the midst of a historically unprecedented real estate market and a serious economic recession, why would anyone in their right mind advise one to make what is often the most important decision of a lifetime? Simply put, we’ve passed the bottom and things are only going to get better. If you want to take advantage of the best real estate deals you may ever see, the time to act is quickly passing.

Here in Orange County, home prices are down one-third from the 2007 peak, and new homes are selling for nearly half of the 2005 prices. However, with three consecutive months of rising home prices and more than a year of sales gains, that inventory of affordable homes is quickly shrinking and growing more costly. Learn more from the Orange County Register.

Mortgage rates are significantly lower than they were a year ago, but if experience teaches us anything, they won’t stay low for long. Why wait just to waste more money on interest payments? Positive economic news has helped keep those rates down, as RealtyTimes reports.

Those hoping to buy their first home have even more incentive to act soon: the government’s $8,000 tax credit for first-time buyers only applies to sales which have closed escrow by November 30. Since unexpected obstacles can sometimes delay closing by as much as a month or two, savvy shoppers would be wise to make their offers soon. Find out all the details at FederalHousingTaxCredit.com.

Don’t be one of the many who will look back months from now and regret not having acted sooner. Coldwell Banker’s knowledgeable and experienced sales associates can help you to understand today’s challenging market and make the best decision possible about buying that new home you’ve imagined. Contact your local office today.

The recently released Case-Shiller housing price index suggests that not only has the real estate downturn stabilized but that things are starting to pick up. University of Chicago economics professor Casey B. Mulligan expressed optimism in a recent New York Times article. “The housing crash is the single most important factor that started this recession,” wrote Mulligan, “so it would be nice to know when it will end.”

It looks like that end is clearly in sight. Locally, the California Association of Realtors® reported a more than 20% increase in home sales during June. Read more highlights of the latest C.A.R. report at RISMedia.

On a national level, the Conference Board’s Index of Leading Economic Indicators rose for the third consecutive month in June. That is something that hasn’t happened since June 2004. Federal Reserve Chairman Ben Bernanke has also expressed confidence that an economic recovery is in the near future. Furthermore, as RealtyTimes reports, the Mortgage Bankers Association has seen mortgage applications to buy houses continue to increase.

For current homeowners who are having trouble with their mortgages, the government is offering new payment reduction programs to those with loans backed by the Federal Housing Administration. Read all the details at Yahoo! News.

You would be hard pressed to find someone who denies that the nation is in a recession, but it is becoming clear that the worst is behind us and the situation is starting to improve.