Grants Pass, Oregon - The Grants Pass Oregon real estate market seems to be flooded with first time home buyers hoping to cash in on low prices and the generous $8000 income tax credit being handed to those buyers who haven't owned property in the last three years.
Many of our first-time home buyers are young, gainfully employed, and blessed to be in the middle of Southern Oregon's best buyer's market in years. However, a few of our buyers are older and wiser retirees, who sold their homes in CA prior to 2006, at the height of the real estate market, and managed to put their money in a safe place, waiting for the market to turn. And, that it did! These folks are now pulling their money out from their mattresses and mutual funds and are reaping the benefits of being first-time home buyers again, because they have not owned a home in the past three years.
But the clock is ticking...
In order to receive this $8,000 tax credit, closing must occur prior to December 1, 2009. And if loan approvals are taking 30 to 60 days, that means the selected Grants Pass home should be in escrow no later than September 30, and should NOT be a short sale (which can take months to negotiate).
We are advising our buyers to move quickly and to have loan pre-approval in hand. And if you want an empathetic first-time homebuying agent, feel free to call Melinda Peterson at 541-659-1620. She'll move fast, so you can too!
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Melinda, the only problem we have in CA now is there is not enough inventory, it is not uncommon to see 10-20-30-40 offer on a property on our Orange County REO listings. I hope we start to see more inventory. People are willing to pay cash, willing to pay over the list price to get the properties. There are ready willing buyer's out here but very few homes.
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