Opportunity For The Ultimate Home Is Now!
With interest rates as low as they probably will ever get, reasonable home prices, and lots of inventory, the opportunity for the ultimate home is NOW. The now expired Federal Home Buyer Tax Credit was established in 2009 to prop up a sagging national real estate market. Unfortunately, the Tax Credit was an artificial component of the market and had it's un-natural results by pushing average sales prices further down.
Here is a chart depicting average sales prices on New Hampshire Real Estate for the last four years and the last twelve months. The average sales price in 2006 was $288,073 and dipped 2.3% in 2007 to $281,443. 2008's average sales price fell again 6.6% to $262,729 and 2009's average price plunged 11.7% to $232,000. In the last twelve months with the Tax Credit gone and the market striving to get back to normal, we have seen average sales price edge up 2.6% to $238,061. This isn't a terribly giant gain but is moving in the right direction.
The Ultimate Home Via Stepping Stone
The opportunity to purchase a first home is as good as it gets right now. First time buyers should be looking for a home that is in a good location and can give their family what they need for living and always be thinking re-sale. First time buyers usually don't end up with their "dream" home as their first purchase. Camparing average sales prices to a few short years ago, todays prices give buyers tremendous upside potential for gaining equity in the near future. Why not use that first home as a stepping stone up to the ultimate home in the future?
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