The Best Reason To Buy Your First Home NOW
The best reason to buy your first home NOW
If you're a potential first-time home‑ buyer who's been sitting on the fence, now may be the golden moment to take the leap. In fact, there are at least seven good reasons why buying your first home now makes good financial sense.
1. Softened Prices Increase Home Affordability
The most current survey on home affordability from the National Association of Realtors® brings great news - more buyers are able to financially afford to purchase a home today .The survey shows that, in order to purchase the average median priced home of $164,600, a buyer would only need qualifying annual income of $34,416. This is based on a 20% down payment, a monthly principal and interest payment of $717 and a mortgage rate of 5.1%. While softened prices haven't been good news for sellers, they definitely benefit first-time buyers, boosting your ability to qualify.
2. Low Interest Rates
With interest rates lower than they've been in more than forty years, now's an excellent time to lock in a long-term fixed rate. Not only will you be able to afford more homes, but you'll have the peace of mind knowing that you've made a sound financial decision taking advantage of historically low, bargain basement rates. One thing we know for sure: At some point in time, interest rates will rise; and that factor alone could disqualify you for the mortgage you need.
3. Large Inventory to Choose From
Combine low prices, low interest, with large inventory and it's a buyers' paradise! In markets of the past, many first-time buyers were relegated to buying a very small, almost cramped, starter home. With inventory high in many parts of the country, you'll be able to select a home that exceeds your first-home expectations. But caution: Don' t be like a kid in a candy store spending so much time searching that you miss this great buyer's market opportunity!
4. An $8,000 Tax Credit Bonus
If you're a first-time home buyer making a purchase before December 1, 2009, you'll receive a tax credit of 10 percent of the purchase price, up to a maximum of $8,000. Unlike previous home-buyer tax credits, this one is refundable ... meaning that the credit can be claimed even if you have little or no federal income tax liability to offset. For example, if you had a tax liability of $2,000 and received a tax credit of $8,000, Uncle Sam would send you a check for a whopping $6,000.
Who says it doesn't pay to buy now?
Find homes for sale in The Woodlands and surrounding area at http://www.listingthewoodlands.com/
