April, 2011
First Time Homebuyers: Now Is Still a Great Time to Buy
Starter homes are a thing of the past. With house prices at all time lows and interest rates still relatively low, now is a great time to buy. It truly is what they call a "buyers market", the inventory is ample and sellers are more likely to accept an offer that you as the buyer are comfortable with. You can afford more house for your money, without having to wait for your current place to sell.
One of the most important things a first time homebuyer can do is go and see your mortgage specialist. You can see what kind of a loan you qualify for before finding your new home. They can also be a fountain of knowledge, giving you pointers to improve your credit. This may be the biggest road block on your way to home ownership; the better your credit, the better chances of qualifying for a larger loan amount and better interest rate.
Use a Realtor®. A licensed professional will make the buying process easier and they will be able to answer other questions to aide in your decision. They also will be able to show you homes that are within your price range and with your specific wants.
Other benefits of homeownership
As a homeowner, you may be able to save on taxes. You can deduct mortgage interest and
real estate taxes from you income taxes if you itemize your deductions.
The home will be YOURS. You can paint the walls bright pink if you choose to. Decorate
how you see fit...tear down a wall or two. The possibilities are endless. Renters do not have
this luxury.
Eventually the housing market will improve and you will have made a wise investment in
homeownership…and owning a home is still a part of the American Dream.
