Hopefully you have heard that the deadline for the $8000 Federal First-Time Home Buyer Tax Credit is November 30th. That means the home has to close escrow by that date. Many first-time home buyers are rushing to meet the deadline! It is a great time to be a home buyer! Mortgage rates are at an all time low, there are lots of homes to chose from in the market, and prices are unbelievably low. I see homes closing at unheard of prices every day in the East Valley!
The advantage of buying now, with a low interest rate and low price, means that over the next few years, your home will appreciate in value. That means that it will not be long before the house is worth more than you paid for it! I am already seeing evidence of the market started to stabilize. Prices are slowly back on the rise. I know there will still be more inventory coming! Houses are being put on the market every day that are under priced. You would be amazed...
So, my question is for the renters out there... why are you still renting? With these rates, you can own a home, with a yard (maybe a pool), no stairs, no landlord, no pet restrictions...for less than you are paying for rent. I spoke to a few renters today. The main concern I heard was about credit. Yes, that is a big factor, but it is not a brick wall. I personally know several different mortgage lenders who work with banks and private lenders to help people get approved. If you cannot buy now, then there are great things you can do to raise that credit score and make a game plan for yourself. It's good to have a goal! It makes you focused and determined. The main thing is to talk to people in real estate and ask questions. There are so many options out there and an experienced agent and mortgage lender can find what will work best for you!
There is still (a little) time left to take advantage of the tax credit. Though Washington is trying to push for an extension, it is not for sure. Let's go see what we can do now!
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