Positive Reasons to Buy a Home NOW

The economic recession has helped to create the best buyer’s market we have seen ever!  There are many factors that are contributing to make this not only a great time to buy, but one of the best in history.

 

1)  LOW interest rates.  The last recession was in the 80’s but the interest rates were between 14% and 21%!!!!  Can you imagine?  Today the rates are fluctuating between 4.5% and 6%.    This makes owning a home incredibly affordable.

Example:

$150,000 home, 3.5% down payment

Principal and Interest at 14% $1745.  Income to qualify for this loan would be approximately $81,000.

Principal and interest at 5.5%  $836.   Income to qualify for this loan would be approximately $46,000.

That is a difference of over $900 in monthly payment and $35,000 in annual income for the same price home!! 

All indications are that these LOW interest rates can not last.  You may never be able to purchase a home so cheaply in your lifetime.

2)  Do you really need more reasons??  If so, this one will soon be gone so act fast.  $8,000 new homebuyer tax credit or the $6,500 repeat buyer tax credit.  You must enter into a contract to purchase this home by April 30th, 2010 and close by June 30th, 2010.  (If you want to build, you must purchase your home  from Hartland Homes by March 15th!  Other builders are not able to build and close by June 30th!  )

All sources indicate this will NOT be extended. 

3)  The last few years the housing market has been going through a market correction.  What this means to you is that home prices are the lowest they have been in years.  Once demand picks up, these prices will rise quickly.  Once again, you may never be able to purchase a home at these prices in your lifetime.