Will 2010 be the Year to Buy a Home?

1. Real estate values are finally showing signs ofstabilization in recent months.

2. 2009 gave us some extremely attractive mortgage rates.  A major reason behind the dip was the timing of a Federal Reserve program, that purchased debt and mortgage-backed securities from Fannie Mae and Freddie Mac.

3. With continuing low home prices and mortgage rates, and additional homes hitting the market, the real estate market will continue to favor buyers over sellers in 2010.

4.  Approximately, 1 in every 7 mortgages was either past due or in foreclosure by the end of the third quarter in 2009. This is the highest delinquency rate in the 37-year history of the Mortgage Bankers Association’s National Delinquency Survey.

5. According to Moody’s Economy.com, the number of foreclosure will increase to about 1.9 million in 2010.

6. Don’t forget that Uncle Sam is offering an additional incentive to get buyers into the 2010 market.  The tax credit gives qualified first-time home buyers up to $8,000 if they close the purchase of a primary residence by the end of June. Qualified current home owners are eligible for a credit of up to $6,500 when they buy their next principal residence.

If you have been patiently waiting to buy a Hoboken home, now is the time to do it. All of the key factors are in place to ensure that your home purchase will be a major, positive life changing event.  With low mortgage rates available, along with the recent passing of the new tax credits, this is the opportunity you have been waiting for. Make 2010 the year you purchase your dream home. For more information contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City.  Eddie can be reached at eddie@InvestHoboken.com or 201-344-2886.