New home buyers hurry for incentive funds

    An 8 thousand dollar incentive for first time home buyers seems to have turned up the heat in a real estate market that many say may finally be reaching its bottom.

    An 8 thousand dollar incentive for first time home buyers seems to have turned up the heat in a real estate market that many say may finally be reaching its bottom.

    Listen:
    [audio: 090921tmhousing.mp3]

    The federal incentive for first time home buyers is for homes settled on before the end of November, and time is running out. Realtor Mike McCann says he got three bids over the weekend for a home in the $200,000 dollar price range, and it’s not just starter homes that are getting multiple offers.

    McCann: I’ve had multiple offers on even a couple of my six or 700 thousand dollar houses. It’s funny, the properties that are priced right and show nicely you are getting multiple offers on in this market.

    Still, McCann says sellers have to be realistic, because buyers are trying to find deals during the market downturn. An economist with E-Consult in Philadelphia says the local market appears to have found the bottom, but there could be some more peaks and valleys before things level out.

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