Scary Thoughts for Halloween! I read an article in one of my trade publications this morning about how frustrating it is for first time homebuyers to actually Find homes in this market. The article went on to say that many first time homebuyers have actually given up their search and are planning to forego the $8000 tax credit because they can’t find the right home.
Now, given the fact that they cited examples of frustrated home buyers in Florida (one of the worst hit markets in the country) where investors are coming by the droves to pick up distressed properties (foreclosures and short sales), where multiple offers are the norm and where most homebuyers cannot compete with a “Cash Offer”, I can see how this might be a huge disappointment to a young couple, young professional, not so young professional, whipper snappers, singles,(did I cover everyone?)or anyone else looking for their first home.
But, if you are planning on buying here in Salt Lake County or the surrounding area, the news is great. There are plenty of properties available that are Not distressed, that are affordable, that qualify not only for the $8000 First Time Homebuyer Tax Credit, but also grants, Utah Housing, and other programs that can help you buy your first home.
For example: In Salt Lake County Alone there are 2713 single family homes ($250,000 and under) that are active on the market and available to first time homebuyers. Some are short sales , but as you can see by the breakdown below, most are regular resale homes.
| Price Range | Total Active Homes For Sale | Homes Not Short Sale |
| 100-150,000 | 491 | 247 |
| 151-200,000 | 1129 | 776 |
| 201-250,000 | 1093 | 846 |
The same is true for condos : There are currently 1026 condos for sale in Salt Lake County ($250,000 and under) that are available to first time homebuyers:
| Price Range | Total Active Condos For Sale | Condos Not Short Sales |
| 100-150,000 | 373 | 317 |
| 151-200,000 | 396 | 346 |
| 201-250,000 | 257 | 245 |
Similarly, there are homes available in Davis, Tooele, Utah counties and in fact all over
Receive Utah Home Run Grant of $4000
Utah. In addition, there are new construction homes available in Utah and Tooele counties that qualify not only for the $8000 first time homebuyer tax credit(which you can still receive for this year..don’t have to wait til next year’s tax return), but also for the $4000 Homerun grant currently offered by the state (this can be used for down payment or closing costs at settlement, not as a cash payment or credit like the Federal Tax Credit). If you add that onto Utah Rural Housing that offers 100% financing in these areas, a first time homebuyer can purchase a home, get his closing costs paid for by the seller and the Homerun grant, and get $8000 to furnish the new home!
Couple this with low interest rates, and you truly have a fantastic opportunity! How could anyone NOT want to take advantage of this?
So, cheer up little buckaroos, there is still time to get into your first home! Just get started on your journey toward homeownership. We could inundate you with platitudes like“ The longest journey begins with the first step” etc. but the fact is don’t wait!
In reality, the midnight hour is approaching, and you must close on your home by November 25,2009 to get your tax credit (We have Thanksgiving in the final days,where all the folks that we need to have to close this transaction will be gone for the weekend). Also, there are only 895 homerun grants left and they must also be claimed by November 30th. Don’t delay; CONTACT US TODAY and we will help you get started!
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