The evening news is beginning to sound more and more like the children's fable, Chicken Little - who proclaims "the sky is falling!" With unemployment on the rise and an uncertain economy, buying a house may be the last thing on your mind. But if you've been waiting to purchase a home, now may be the perfect time. Here's why:
* It's actually more affordable now. According to the National Association of REALTORS, the housing affordability index, which measures home prices, mortgage interest rates and family income, is more favorable now than any other time since NAR started the index 1970.
* You get a break on taxes. As part of the American Recovery and Reinvestment Act, first-time buyers (anyone who has not bought or owned a home in the past three years) can take advantage of a tax credit up to $8,000.
* Big selection and big discounts. There is a large inventory of homes on the market, so you have a variety from which to choose. Many builders and home sellers are also offering incentives to help move inventory. Not only are home prices low, but mortgage rates are lower than they've been in years.
* Price of ownership. Want to paint your bedroom midnight blue? Go ahead. In your own home, you get to make the decorating decisions that reflect your personal sense of style.
Brian Ripp, CRS, GRI, Broker - your Bay Area Realtor
www.BrianRipp.com serving Fremont, Newark, Union City & surrounding communities. Real Estate & Property Management.
Real Estate Market Weekly Update Webcast: http://realtytimes.com/REUv/BrianRipp
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