If you have read this blog at all, you know that the $8,000 First Time Home Buyers Credit expires on November 30, 2009. To take advantage of the credit, you must complete your purchase by November 30. Being under contact is not enough – the transaction must be done and recorded with the county by the deadline.

“No problems” you say. “The end of November is a long ways away.” Actually, it’s closer than you think. Let’s work through the timing.

First of all, Thanksgiving is the last week of November. Between the holiday and all the “Last Minute Larrys” who need to close on November 30, I would strongly suggest buyers schedule their closing not later than November 20 [the Friday before Thanksgiving].

As I mentioned in a previous post, processing mortgage paperwork is taking 30-45 days. Let’s be optimistic, and assume 30 days from the contract date to the closing. Assuming that November 20 closing date, you need to have a home under contract by October 21.

October 21 is just three weeks away. That’s three weeks to find the right home, make an offer, negotiate with the seller and get in under contract. There is still time to find that first home — just not as much of it.

If you are still looking for that first home, please let me know. There are many great homes to choose from [starting with the home in Woodcroft that heads the right column]. The time to get started, however, is today.

As I noted on my Facebook page, I spent some time this weekend at the Southern Ideal Home show in Raleigh. I snapped a few pictures of things I thought people might like to see.

	This was the first thing I saw when I arrived at the show. This beautiful display of outdoor landscaping was a joint project by Professional Hardscapes and Kiper Landscaping Designs and was easily one of the more striking displays at the show. I can still picture myself in a wicker chair next to the waterfall.
This is a fire table from Oriflamme Fire Tables. They have a wide selection of styles that run on propane or natural gas. Personally, I think this would fit in really well with the landscaping job above. not that it gets too cold in NC, but still.
	I’ve told my wife for years that one day in the future we would have a nice pool/hot tub. Now, ten years later, it is “the future” and we’re no closer to a pool/hottub. If I did have one built, however, this pool by Rising Sun Pool & Spas might be the one. Put in a heater to warm the water to the right temperature, and I might never leave
“Murphy Beds” are a common feature in New York City and other places where space is at a premium. It’s hard to see in the picture, but the bed folds right up into the closet space [where the headboard is]. They aren’t a common in the South, but as people start living in smaller homes again, this is a great option for maximizing space in a guest room. These beds are sold by the Closet Factory.

After a long hiatus, Great Durham Starter Homes is back. Today I wanted to look at a new construction home. Many first time homebuyers have little experience in home maintenance, so a brand new home allows them to live for a few years without having much maintenance while they learn the skills to take care of a home as it ages.

Stratford Lakes is a new townhome community on Martin Luther King Jr Parkway just west of Fayetteville Road [right next to the new Lowe's]. While Stratford Lakes offers several different floor plans ranging from 1200 to 2100sf, the floor plan we’re highlighting today is the Brooks plan. This townhome has two bedrooms and 2.5 baths and comes in at 1299sf. The community is convenient to RTP and the South Square area and is just minutes away from downtown Durham and Southpoint. Surrounded on three sides by lakes, Stratford Lakes puts you right in the center of everything while letting you live in a quiet community.

The basic new construction model is offered starting at $144,350 [features and upgrades will, of course, increase this price]. Centex is also finishing up a home with this floorplan which they are offering for sale at $149,990.

If you are interested in seeing this home, or any other home offered in the Great Starter Home series, please call or email me and we will find a time that works for you. Remember, the $8,000 tax credit requires that you close by November 30 so the time to take action is now.

The Triangle Multiple Listing Service has released their market analysis for August. Their data shows what we all expect — the number of sales is down, homes are taking a bit longer to sell, but when they do the average price is steady or even improving slightly. To take a look at the numbers yourself, just click here

While reading various blogs, I came across this post on TheStreet.com about August home sales in Phoenix. It’s certainly worth a read. Not for the numbers themselves — the Phoenix market has been one of the hardest hit during the collapse of the housing industry, while Durham has been relatively untouched, so there is no direct comparison. What might be similar, however, is the effect that a dwindling supply of foreclosed properties has on the number of sales and the price of homes. In Phoenix, a declining number of foreclosures has led to a drop in the number of sales, but a stiffening of home prices [although, to be fair, all of those effects are relatively small at the moment].

Might this be a indicator of how other markets will react as the foreclosure crisis eases? It makes sense — a declining number of “super inexpensive” homes leads to a drop in sales figures and an increased average price. Again, Phoenix isn’t Durham by a long stretch, but this might be something to look out for over the next few months.

In a press release last week, the IRS reported that over 1.4 million people have taken advantage of the $8,000 First-Time Homebuyer Credit. The National Association of Realtors estimates that 2 million buyers will take advantage of the credit before it expires on November 30.

Let me repeat that last part — to get the credit, you must close on a home by November 30. That means the time to start the home buying process is today. If you are looking for your first home, and want to take advantage of the credit, please call [919-308-9816] or email me today, and we’ll get started on finding the perfect home for you.