So, you have been in your cute and cozy 1950’s one and a half story bungalow for a few years now. It was perfect for a young, just married couple when you bought it. The bedrooms were on the small side but the huge upper level made a great master suite and it worked perfectly when there were just two of you. Then came the puppy who grew into a huge licking Labrador. And later one baby, then two. Now suddenly 1200 square feet is overrun with chew toys, Little Tikes and Duplos. That cozy little bungalow is now cramping your lifestyle. But with real estate prices, can you afford to move? In many cases, YES!
If the scenario above describes your situation, listen up. Though ineligible for the $8000 tax credit for first time buyers, you can benefit from the situation that it has created. The first time buyer tax credit has affected the starter home market in a very positive way. In the north metro areas including Lino Lakes, Blaine, Ham Lake, White Bear and Forest Lake, people are scrambling to find good starter homes for first time buyers prior to the expiration of the first time home credit. Many well priced, single family homes are seeing multiple offers within days of hitting the Twin Cities MLS. The demand for single family homes under $150K is the highest it has been in the past few years.
And better still, there is an amazing selection of homes in the move up category to select from. Historically, if a single family home was sold, that owner had to buy another home creating a chain effect into all different price points. But today’s real estate market offers a unique opportunity as many of the homes being purchased are bank-owned. No one is buying home on the other end. So there move up buyers are seeing a better selection of inventory in the higher price points at great prices.
So why move now? To take advantage of the tax credit, first time buyers must close on their new home by November 30, 2009. When the incentive is over, the demand for first time homes could level off again. So listing your home this fall could make sense as there is a significant demand for starter homes NOW while the deadline for the expiring tax credit is on the horizon.
Are you ready to take advantage of this perfect opportunity to purchase a larger home for your growing family? As a local north metro real estate specialist I can help you assess your current situation and see if is the right time for your family to make a move up!
Note: A special thank you to author and illustrator Elizabeth O. Dulemba for allowing me to use her copyrighted family coloring page as art for my post. If you would like to see more of her coloring pages or her full color art for the children’s books she writes and illustrates, visit her website and blog at www.dulemba.com
Copyright 2009 Teri Eckholm http://www.terieckholm.com/