Home sales are up for the 5th month in a row! The last time there was 5 consecutive monthly gain in contracts for purchase was back in July of 2003. Low mortgage interest rates, reduced home prices, and a large inventory are encouraging the Buyers who, a year ago were "sitting on the fence". Most of the activity is geared towards the lower priced homes ranging in price from $35,00 - $75,000. First time home Buyers and those who haven't owned a home in the past 3 years need to take advantage of the $8000 tax credit. This program is good through November 30,2009. This means the home must be closed by November 30th. Most contracts, short sales excluded, take 45 - 60 days to close. Short sales take 3-6 months to close. To take advantage of the tax credit, I do not recommend trying to purchase a short sale home. There are plenty of foreclosures and homes on the market priced according to the market to choose from. Now is the time!! Like the saying goes.."you snooze, you loose".
