Excerpted from Sunday Portsmouth Herald (October 11, 2009)
After more than two years of real estate industry turmoil with the housing and financial market crashes, record foreclosures and a deep economic recession, there is hope that the market is making a turn.
“Buyers are emerging, particularly first-time home buyers - this is where a significant portion of the sales activity is,” said Michael Bean, president of the Seacoast Board of Realtors. “The $8,000 tax credit for first-time home buyers, coupled with historically low interest rates, and historically low prices creates a significant opportunity for those buyers that are in a position to make a move.”
Bean said the sales volume for his firm, Portsmouth-based Bean Group, is up almost 10 percent over the same period last year and the number of sales in the same period has increased as well, by almost 20 percent. Bean said with less than 50 days before the expiration of the $8,000 federal tax credit for first-time home buyers, a last-minute rush of buyers may help rejuvenate the soft Seacoast residential real estate market.
“From my vantage point, the market is moving along well,” Bean said. “In recent conversations I’ve had with lenders and title companies, the consensus is that there may be a crush of transactions closing in the last week of November as buyers scramble to lock in the tax credit.”
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