SEATTLE—
King County is riding a big wave when it comes to real estate, with home sales up 64% in April compared to April of last year. But how much of that comes from the federal new homebuyer tax credit, which ended on April 30th? That's a big question for banks and home sellers right now, but there some new ways to cash in if you missed out on that credit.One banker and some local builders are reaching out with incentives to bring in new buyers. In the interest of keeping the real estate market and the economy in positive territory, sellers are trying to keep buyers as happy as they can.
You could say the homes of Olive 8--with million dollar views and dozens of other amenities--sell themselves atop the Hyatt Hotel in downtown Seattle. But real estate agent Erin Joseph says it gets better. The federal homebuyer tax credit program went so well that Coldwell Banker is offering its own version through the end of July. Buy a home listed with the company partcipating in this program, like the units at Olive 8, and you'll get 3% of the price back at closing: up to $8,000. Joseph says, "Definitely there's an uptick in the market and Coldwell Banker has seen that, and they will continue for the next three months with this national sales promotion."
The deal goes for any buyer, not just the first-timers. Rhys Evans from Landover Mortgage in Bellevue says, "I think it's a great idea. I haven't seen anyone else doing it." Evans is also hoping more builders start offering incentives too, like Quadrant Homes' "Builder Bes"t program that lets buyers lock in mortgage rates. Evans says it adds up to a summer in real estate that's just starting to get hot. He says, "We haven't seen the prices do a lot. It's starting to level if not slightly appreciate depending on the area, at least in King County. So we're seeing that momentum moving forward and we don't want to lose that."
For more information on the credit program from Coldwell Banker, follow this link. For details on deciding if its the right time for you to buy a home, click here.
