Theme: Why Right Now is the Ideal Time to Buy a Home
May 28, 2009The American dream is to own your own home. Unfortunately, several Americans don’t realize that they actually can afford to own their own place, especially this day. The real estate market now makes it the best time to purchase your first home with a Lemon Grove real estate agent or a Spring Valley real estate agent than ever before. These tips will point out the reasons why you should bite the bullet and buy your first home and how the benefits for doing so will outweigh the hardships.
Currently, the residential real estate market is struggling due to a poor economy and homeowners had home loans that they couldn’t afford by money hungry lenders. There are so many foreclosure properties for saleas well as homes selling in what’s called a short sale. These can result in some great deals for a first time buyer. A home that is a foreclosure property means that theowner of the home could not afford to pay themortgage anymore and so it is now owned by the bank, not the citizen that purchased it. At times these foreclosed homes are also known as bank owned properties. A short sale is still owned by the person that purchased it but the sale price is less than what is owed on the house. This is for the owner that needs important help in a financial crisis. There are also many Americans that have lost their jobs and are reducing the type of home to be able to afford this setback. All of these reasons have produced a saturated market, meaning there is a massive inventory of homes for sale at various price points. This is known as a buyers market, where the buyer can be more selective in getting a home for the price they want and under the conditions they may need as well. This is one reason why you shouldthink about buying your first property. You can get agreat deal more home now for a lower price.
Another reason to purchase a home now for the first time is that the interest rates are at a very low for purchasing a property. This is something that you canhave for the next 3 decades at a fixed rate mortgage. Why not get one that’s lower than it has ever been before and care about it for the next 30 years? Another reason to buy your first time home from a Lemon Grove real estate agent is a new financial tax credit that President Obama is giving to to people buying their first home. If you buy your first home now from a Spring Valley real estate agent , the government will offer you an $8000 tax credit for doing just that.Being a homeowner provides you with many good things. Owning a home typically increases with value over the years whereas renting a place is like spending money to live with no added benefit. With all of the lower rates and benefits now offered to the first time homeowner, you can probably spend the same amountevery month as your rent but instead you’ll have your own property.