Opportunity Knocks: Market ripe for first-time homebuyers

For first-time homebuyers looking to jump into the housing market, right now looks like winning the trifecta.

The combination of a housing inventory populated with a flood of foreclosures and short sales, signs of an economic recovery, and a first-time homebuyer tax credit are propelling sales throughout the region.

"This is such an opportune time for first-time buyers," said Joan Zadny, president of the Sierra Nevada Association of Realtors. "Not only are home prices affordable and interest rates low, but there is the huge incentive of a federal income tax credit of up to $8,000. Many sellers are also offering incentives toward closing costs."

Lyon County was one of the hardest-hit areas in the country by the downturn in the housing market. But so far this year, home sales are up 57 percent over the same period last year, according to MLS data.

"Whether you are a first-time buyer, or moving up to a larger home, this is an unprecedented time to purchase a home for your family," said Jody Foley of Coldwell Banker Best Sellers. "Interest rates are low, homes are plentiful, prices are low and the incentives to buy are numerous."

The number of properties sold in Carson City has also picked up since it hit rock bottom in January. The number of sales in June exceeded sales from the same period last year.

There is also a rush for first-time homebuyers to claim the $8,000 tax credit, which requires purchases to be completed by the end of November.

" I am so pleased to see buyers in our area who did not think they could buy for several years now purchasing homes of their own," Zadny said.

Kathy Tatro, of Coldwell Banker Best Sellers, said there has been a lot of activity at the lower end of the market, though she said she has seen a couple of higher-end homes sell recently, too.

"People can only wait so long for things to happen," Tatro said. "I think we are through the worst of it, at least in Carson City. Buyers are getting more confidence, and interest rates are still low."