Now is a GREAT time to buy that first home!!

If you’ve done your homework, and saved your money, NOW is a great time to buy your first home. Prices are still dropping—a little. But inventory of single family homes and condos is also dropping (so there might be fewer properties in your price range than there were—see the list below).

Interest rates are still low. That means you can still get a good deal in the real estate market. With the interest rates low, your buying power is higher than if the interest rates were high. For example, buying a $750,000 home at 4.5% would cost $650 a month LESS than buying it at 7%!!! That’s a huge savings!

In addition, the first time home buyers’ credit has been extended. You must be in escrow by April 30, and close by June 30, 2010, in order to take advantage of this credit…. Also, the property has to be less than $800,000.

Inventory of homes (both condos and single family homes) is dropping, so soon it may be a sellers’ market. Lots of people will be out there, just like you, looking for their next home, wanting to buy. Now is such a good time to buy.

Here is the breakdown of single family homes available on Oahu (as of today) in various price ranges:
79 homes: $100,000 to $350,000
141 homes: $351,000 to $450,000
262 homes: $450,001 to $600,000
203 homes: $600,001 to $750,000
100 homes: $750,001 to $800,000
59 homes: $800,001 to $950,000
59 homes: $950,001 to $1,100,000
374 homes: over $1,100,001

Here is the breakdown of condos available on Oahu (as of today) in various price ranges (this list may include leasehold properties and studios):
94 condos: to $100,000
396 condos: $100,001 to $200,000
456 condos: $200,001 to $300,000
314 condos: $300,001 to $400,000
173 condos: $400,001 to $500,000
98 condos: $500,001 to $600,000
90 condos: $600,001 to $700,000
56 condos: $700,001 to $800,000
32 condos: $800,001 to $900,000
25 condos: $900,001 to $1,000,000
149 condos: over $1,000,001

There may be a lot to choose from in your price range, or there may be only a few properties.

Call your real estate agent now. If you don’t have an agent you are already working with, please call me… Tiare Dutcher at 808-753-5327. I would be happy to help you find your FIRST home.