First time homebuyers in Temecula, Murrieta and other parts of Riverside and San Diego County may be getting an unexpected bonus from your Uncle Sam.
Last week the NAR (National Association of Realtors) announced that homes sales were down more than 27.2% from June and 25% from July of 2009.
Sales are at the lowest level since the total existing-home sales series launched in 1999, and single family sales – accounting for the bulk of transactions – are at the lowest level since May of 1995.
This announcement sent the financial markets into shock and has the government considering a number of stimulus for the housing market.
National Association of Realtors Housing Report
HUD Secretary Shaun Donovan said the government is concerned about the continued weakness in the housing market.
When asked about bringing back the very popular first time home buyer tax credit, Donovan replied:
“It’s too early to say after one month of numbers, whether the house credit will be revived or not,” he said.
July was just the first month of the “tax credit hangover” and all indications are that August numbers will continue the trend.
So what does that mean to you?
If you missed out on the first tax credit, you may be in luck in more ways than one. If the tax credit is revived, and I’m betting it will be, then you’ll not only have a government incentive to buy your first home, but the continued decline in values will allow you to get more home for your money.
Buying your first home is not an event, it’s a process. First Time home buyer loans are tougher to get, so your first step is getting your financial house in order. Unless the first time home buyer tax credit is made permanent (not likely) there is a pent up demand right now and if it plays out like the last first time home buyer tax credit did, the ensuing rush may keep those that are “last to the party” from closing in time to receive the tax credit.
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