Realtors say housing market in the River region is looking up thanks to young buyers

Posted by: Melissa McKinney - bio | email

MONTGOMERY, AL (WSFA) -- "It is exciting and scary at the same time," says Rachel Williams.

Bryan Farquhar and Rachel Williams are embarking on a new adventure. They're buying their first house.

"There's a lot out there so it's kinda hard, now we just gotta find the right one," says Rachel.

They're not alone.  Realtors say the housing market is mending quickly--thanks to young buyers like Bryan and Rachel.

"We're seeing people in their twenties, early thirties," says Coldwell Banker realtor, J.R. Towne.

They're cashing in on low rates and an $8,000 dollar tax credit Congress passed for first-time home buyers.

"It was kinda icing on the cake," says Rachel.

The tax credit is available to first-time home buyers.  Those who haven't owned a home in the last three years are also eligible.

Realtors say 83% of home closings in the River region this year have been for houses under $200,000 dollars.

"We have a tremendous amount of first time buyers out," says Towne.

More first-time home buyers help build a stronger market.

"When a first-time homebuyer buys a house, that person sells it and moves up.  When he moves up it causes two more moves, so it makes the market spread," adds Towne.

It's a rejuvenation realtors say could get the market moving again with buyers like Bryan and Rachel stepping out and encouraging others to do the same.

"If you're on the fence, with the tax credit, I would say buy it now, because this opportunity will never come back," says Rachel.