FIRST TIME HOMEBUYER CAMPAIGN LAUNCHED ON MAUIJuly 16, 2009, 11:54 AM HST · Updated July 16, 11:56 AM 0 Comments
The Realtors Association of Maui is launching a new information program to boost first time homebuyer sales on the island.
In making the announcement today, Bob Lightbourn, president of the Realtors Association of Maui said, “Current market conditions includes significantly lower home prices, great mortgage programs for working families, and special incentives like the $8,000 tax credit included in stimulus legislation passed by Congress and signed by President Obama to help in their home purchase.”
The RAM information campaign will run for the next two and a half months. The tax credit expires on December 1, 2009, however it is important to note that under the program transactions need to close by November 30, 2009.
“The market today offers a window of opportunity for Maui’s working families – those who could not afford to buy two or three years ago and may not be able to afford two or three years from now. Families with good incomes and good credit scores can actually find a reasonably priced home with a safe mortgage in this market,” Lightbourn said.
“There are currently more than 100 single-family homes under $400,000 on the market. The monthly payment on such a home is competitive with what it would cost to rent, but homeownership comes with significant tax advantages and appreciation that you don’t get when you rent,” Lightbourn said.
In addition, RAM is partnering with The Maui News to distribute a total of 50,000 brochures in the next 75 days in the newspaper to their readers to inform them of this home buying opportunity, and especially the tax credit that expires on November 30th of this year.
Since most closings take between 60-90 days, the RAM effort will urge buyers to make an offer no later than September 30 to be sure and close by November 30, 2009.
For more information on how the $8,000 tax credit can help with a home purchase, contact any RAM member RealtorÂ® or go online to www.ramaui.com.