Existing home sales in Hernando County showed an incline during the first quarter this year, bringing hope back into the real estate market. According to Hernando County Association of Realtors (HCAR), 528 existing homes were sold during the first quarter of 2010, up from 450 the first quarter of 2009.

Economists believe that it was the upcoming expiration of the government programs, including the Homebuyer Tax Credit, in the spring that sent potential homebuyers scrambling to get in on the deals, before they missed their chance. According to the Chief Economist at the National Association of Realtors (NAR), “The tax credit has been very effective in drawing down excess inventory, with about one million additional sales resulting directly from the stimulus.”

In addition, the Hernando County Building Department issued a total of 50 single family home permits during the first quarter this year, up from 48 compared to last year at this time.

The incredible low home prices as well as the low interest rates are drawing the attention of potential homebuyers.  The median home price for Hernando County is $105,000 and the mortgage rates for a 30-year fixed mortgage were 5% last week, according to mortgage giant, Freddie Mac.

What better time to buy?