The dark cloud that has been hovering over the real estate market may be breaking up.
Several real estate agents and mortgage brokers believe it's a great time to buy a home for the first time.
"I think the real estate market in 2009 is phenomenal right now,” said President of Coldwell Banker Seacoast, Tim Milam.
According to many experts, it's a great time for new homebuyers, which includes anyone who hasn't owned a home in the past 36 months.
Currently, there are some good incentives including an $8,000 tax credit, low interest rates, and reasonably priced homes.
President of Alpha Mortgage Michael Lopez calls it the triple threat. “We have the best rates in history right now."
Realtors are seeing high foot traffic. Buyers are mostly looking for homes priced lower than $300,000.
Mohamad Elhenawy just bought his first home. He said the tax credit was a good incentive for him. "Made me think about it so much, because $8,000 is a lot of money for me."
His new home is off Gordon Road, and he can't wait to start working on it. "I love the yard, I love to work in my yard, to grow plants and fruit, I love to grow fruits."
Some Wilmington mortgage brokers and realtors have come together and created a website that describes the $8,000 incentive and how it applies to buyers looking in our area. Find out if you are eligible, how the credit works, and where you can find the right home by visiting www.getyour8000.com.
