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Market Recovery? New Home Sales Up Again

New home sales have continued to accelerate, now up 9.6% for July and marking a fourth month of rising home sales. While this is great news and we’re certainly seeing a pickup in our brokerage’s business on both the buyer and seller side, does it mean you should panic?

What if I haven’t bought yet?

Are there still good deals to be had?

Am I out of luck?

We don’t think so – let’s all step back and take a breath!

A good deal today is a good deal tomorrow. While it might not be the one you had your eyes on, there’s going to be another one that comes along. But there are some steps you can take to make sure that you’re taking advantage of all this current real estate market has to offer:

  • First Time Home Buyer Credit: Don’t miss out if you’re eligible! Read up on the criteria here, as you may be eligible for up to an $8,000 tax credit.
  • Primary or Secondary Property? No matter if you’re looking for your first home, family home, vacation home or investment property, the market is prime to meet your demands. Meet with lenders and Realtors before you shop so you have things like prequalification and property criteria sorted out ahead of time.
  • Cash Reserves. It’s still a tough economy. Don’t forget that lenders (and maybe your spouse?) will want to see cash reserves as part of the loan qualification process. It’s harder than ever to qualify for a loan, so make sure your assets are in the bank and what lenders call “seasoned” (in place for at least 60 to 90 days and not a recent deposit).

The Staff at San Juan Realty, Inc.

SJR August 27 2009

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