Wow! Interest rates at their lowest since January of this year, Federal tax credits of up to $7500, and a quick glance at the internet turning up dozens of amazing deals, can there be any question that now is the time to buy?
Whoa, you say! Don’t you listen to the news? You can’t even get a loan to buy a home! Homes are not selling!
Hang on I say, over 300 homes sold in Kane and Kendall county in the last 30 days! Homes are selling! And yes, I do listen to the news, but carefully, and not all sources! You’ve got to plow through the hype, and suss out the facts!
- Lowest interest rates since the beginning of the year.
- FHA programs still allowing only 3% down payment (will go up next year).
- Federal government offering up to $7500 tax credit for 1st time purchasers. (Scheduled only until June ‘09).
- Hardest hit markets on the coasts of the U.S. starting to recover. Usually the rest of the country follows in suit.
- Still too many months of inventory, prices remain low.
Even if you are not a first time buyer, now may be a great opportunity for you! If you are thinking of moving up to a more expensive property, you can actually come out ahead in a down market. Although you are “losing” money on the sale of your current home, you will be “gaining” money on your purchase up! If you were to sell in an up market, sure you would be getting more money for your current home. But so would the seller you would be buying from!
Take a look at some of the incredible bargains in your neighborhood alone. Then multiply it out over all of the neighborhoods across the state! We may not see another market opportunity like this for years.
And, if you need one more incentive, here it is. For the current market to turn around, the number of homes for sale must decrease. They must be sold! What better way to support our nation’s economy than to help turn it around by taking a home off of the market? Uncle Sam wants you!
Posted by rldonavon 