Interest rates are remaining low and the activity in our office is at a high for the year. As I am writing this we currently have 8 contracts pending and a few more contracts being negotiated. Of the nine contracts that we currently have pending more than half of them are purchases of second homes. In addition these contracts range in value from below $200,000 and just more than $600,000.
At this time, I would say that there are not enough first time home buyers taking advantage of the Great Buyers Market and the tax incentives provided to them to purchase a home. Remember the $8,000 tax credit currently expires on November 30th. In order to qualify for that credit you must purchase your home before December 1st.
Do not procrastinate with today’s market. While interest rates remain low lenders are starting to predict that the rates will soon begin to rise.
