“There are currently more than 100 single-family homes under $400,000 on the market. The monthly payment on such a home is competitive with what it would cost to rent, but homeownership comes with significant tax advantages and appreciation that you don’t get when you rent,” Bob Lightbourn said.

KAHULUI — Bob Lightbourn, president of the Realtors Association of Maui (RAM), announced that the 1,400-plus-member organization has initiated a program to inform Maui residents that now may be the time to buy their first home.

“Current market conditions include significantly lower home prices, great mortgage programs for working families, and special incentives like the $8,000 tax credit included in stimulus legislation passed by Congress and signed by President Obama to help in their home purchase,” Lightbourn said.

RAM’s information campaign will run for the next two-and-a-half months.

The tax credit expires on Dec. 1, 2009, but it is important to note that under the program, transactions must close by Nov. 30, 2009.

“The market today offers a window of opportunity for Maui’s working families — those who could not afford to buy two or three years ago and may not be able to afford two or three years from now. Families with good incomes and good credit scores can actually find a reasonably priced home with a safe mortgage in this market,” Lightbourn said.

The RAM campaign will involve print and radio advertisements and be based on a similar national information campaign being conducted by the National Association of Realtors through its affiliate members in local communities.

Since most closings take between 60-90 days, the RAM effort will urge buyers to make an offer no later than Sept. 30 to be sure to close by Nov. 30.

For more information on how the $8,000 tax credit can help with a home purchase, contact any RAM member realtor or visit www.ramaui.com.