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What’s driving the market in North Pinellas County?

The real estate market is still slow here, just as it is everywhere, and there’s plenty of uncertainty about buying and selling to go around.  Still, things have been quite a lot better since around the first of the year, and I’ve been pretty busy with a steady stream of buyers.

What’s the common denominator? It’s probably that many of them are first-time home buyers.

This is not a very good time for the move-up buyer, who wants to trade up to a larger or nicer home.  Those people already own a home, and the chances are good they may owe more than the house is worth, or have a large enough mortgage that there just isn’t much equity left to finance a move to a nicer, more expensive home.

But for first-time homeowners, this is a great time.  Home prices are lower than they have been in a decade, interest rates are low, inventories and selection are great, and sellers are willing to negotiate in earnest. And don’t forget that big $8,000 tax credit that’s available to first time homebuyers (or to people who haven’t bought a home in the past three years or longer.)

I’ve sold a number of houses so far this year to first-time home buyers, and some of the deals have been REALLY favorable.

Do you have a good first-time home buyer story that you’d like to share? Use the “comment” area at the top of this post  – I’d like to hear from you.

Tags: First time homebuyers, North Pinellas County, real estate

This entry was posted on Tuesday, March 31st, 2009 at 4:43 am and is filed under First time homebuyers, Florida, General real estate news. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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