PHOENIX - It's first time homebuyers and investors who are fueling much of the real estate market in Arizona right now.
And for those who are looking to get into their first home, there are plenty of reasons to take the plunge.
"The first time home buyer is getting more house than what they would get in the past, and with a lower interest rate," said Dan Morse of Cherry Creek Mortgage.
Morse is also a member of the Arizona Mortgage Lenders Association, which is sponsoring a "Home Buyer's Fair" this Saturday.
The seminar will have representatives from all areas of the home buying industry, and beyond. Many cities will be there to talk about the Neighborhood Stablization Program.
It offers incentives to those who qualify and who are buying homes in areas hard hit by the foreclosure crisis. The IRS will also be there to talk about the benefits of owning a home.
Many non profit groups will also be on hand helping people with concerns about their credit and what it will take to qualify for a home.
Morse said one of the best known incentives is first time home buyer credit of $8,000. That credit will expire at the end of November.
"Some programs will help people with the downpayment, and interest rates are low and our government is working to keep them low, but we don't know how much longer that will be the case."
Morse said interest rates on a 30 year fixed mortgage are in the low 5% range.
The Home Buyer's Fair happens Saturday between 10am and 5pm at the Glendale Renaissance Hotel, 9495 w Coyotes Blvd in Glendale. It's next to the University of Phoenix Stadium. Admission is free.
