All the news for the homebuyer tax credit is sales are way down, but those numbers are so deceiving, at least for the East Valley. Those numbers are for new home builds and no one was buying new builds anyways.

Here is today’s list of top real estate posts of the day.

1) Just When You Thought It Was Safe… – Once again Elizabeth Newlin thoroughly entertains as she educates. I personally wish she wrote more, her stories are so entertaining when she does. Good education in here for those looking to purchase Short Sales.

2) What is LPMI? – What is lenders paid mortgage insurance? It is an alternative to PMI you may want to consider.

3) Home Shoppers Unlikely to Obtain Estimated Good Faith Estimate – HUD wanted the GFE to be a tool to rate shop, but because lenders are locked into what is on the GFE (and things change quickly) they are reluctant to give one out.

4) If you think a real estate transaction is easy, think again. – Funny how timing works, I was sitting at the Pub N’ Grub last night with another agent discussing this very issue over beers.

5) Let Uncle Sam Pay to Replace Your Drafty Windows – You have until the end of the year to make energy saving upgrades in your house and get a tax credit. Here is a good post on tips for replacing your windows. The only part I don’t like is the headline, Uncle Sam isn’t paying you squat, it is the tax payers in the country that are. But the program is out there, I would take advantage of it if you need upgrades.

6) Hate your real estate agent? Here’s why! – I found this very interesting, the market condition seems to be tied to ones satisfaction with their real estate agent.

7) CREATING LEADS VERSUS CONVERTING LEADS – Great piece on the difference between generating leads and making them customers. You need to find what works for you and concentrate on that.

8) What’s ‘Good’ Leverage? Maybe Not What You Thought – This is what I love about Jeff Brown, he takes your common perception of investing and spins it upside down. He makes you question everything you thought you knew about investing.

9) The Dubious Resting Place of TARP Funds – So where did all that TARP money go? The answer may (or may not) surprise you.

10) Multiple Offers, 2010 Style… – We have been dealing with it for a year now in the Tempe/Phoenix area. Sounds like other parts of the country are now facing the same thing.

1) What do you think about social media? – When I first got involved a little over a year ago I saw social media as the way to take my business to the next level. Now I agree with Matt here, although I think it is still a great tool and one that will and is helping, I now no longer see it as the answer, but one of a few tools that helps me reach my goals.

2) 8 items homeowners need to get a loan approval in no time flat – Be ready when you go to get prequalified for a loan. Save yourself time and headaches.

3) Fannie Mae announces deed for lease program – Fannie Mae is going to be offering a program for home owners to give a deed in lieu of foreclosure, then lease the home back. Not sure I think this is the greatest idea of all time.

4) Gary Vaynerchuk live at Tom Ferry’s real estate training event – Gary is da man, if you don’t want to be motivated and learn to crush it, then move on.

5) Investors, tax credit and 90 day seasoning – Ardell is always informative and this is an issue that has a lot of confusion around it.

6) Lead response times – This one struck home, very interesting information.  How long does it take you to get back to a lead?

7) Get real with unrealistic sellers overpriced listings gibe buyers bargaining chip – Rhonda always tells it like it is. Great points you may not consider when taking a listing you know is overpriced.

8 ) 15 features of Google Wave | Step by step – I know a lot of us have been complaining about Wave on Twitter.. .so here is some good info to use.

9) There’s going to be a whole lot of rubber-necking going on… – Redfin continues to kill it with what they are doing online.

10) Here are a few of my favorite links on the tax credit extension
Jay Thompson on the extension
Steve Lines on the extension
Lenore Wilkas on the extension
Dean Ouellette on the extension
Greg Swann on the extension
Ted Mackel on the extension
AArdell DellaLoggia on the extension

I have been working with a lot of first time home buyers lately. One thing a lot of them ask me, is now a good time for a first time home buyer to make the jump and buy a home? In real estate when you ask a questions the most common answer is maybe or it depends. This is one where the maybe takes a back seat. If you are considering making your first purchase of a home and you have a good steady income now is a great time to make that jump.

And a first time home buyer is not just someone who has never purchased a home before. If you relocated to Arizona from out of state and have been renting for the last three years you are also considered a first time home buyer. One reason now is a great time for you to buy is a large tax credit that is set to expire on December 1st of 2009. If you have not owned a home in the last three years, and you buy and close on a home before December 1st you will be eligible for a $8,000 federal tax credit next year. This means you will be exempt from paying up to the first $8,000 in federal income taxes this year. 

The tax credit is not the only reason it is a good time for a first time home buyer to get into a house. If you look at home prices in Arizona right now it is hard to imagine you will ever be able to get deals like this again in the future. Many markets have have dropped as much as 50% in value and you can now buy houses in some areas for less than the homes could be built for. Interest rates are also at an amazing level too for home buyers. You can get an FHA loan today around 5.00%. Will prices go lower? Maybe, but how much lower is just a guess by anyone. Will interest rates go lower? Maybe, but they are at historical lows right now. When you combine the two, current home prices and current interest rates it is hard to imagine there will be many better times to buy than now.

While I would not recommend you purchase a home if you cannot afford it, there are still ways to get into homes with little money down. If a home qualifies for a federal USDA loan, you can still get into a home with close to no money down. Combine all these things and what you get is a great housing market, if you are a home buyer.