Why Now? First time home buyers.

I think a better question is "If not now, when?"

Now Is the time.  Why now if you are a first-time buyer?

Intrest rates are at very low levels.  Last week saw rates dip to 5%!  What that means is that with a loan balance of $150,000.00, at 5% interest The PI payment would be $806 per month*  But at 6% the PI due would be $900 per month*.  Check the Mortgage Calculator for yourself.

*  Please note this would not include the taxes and insurance.   It would not be uncommon at that value to be +/- $150 a month

First time Buyer programs are very favorable right now.  In Northern Colorado there are many down payment assistance options.  The City of Fort Collins, Larimer County and the State of Coloradoeach have separate options to aid in down payment assistance for first time home buyers.

Another significant opportunity is the Federal Tax Credit for First time Home Buyers.  This gives those who qualify the chance to receive a $7500 tax CREDIT!  Even if you owned a house more than three years ago you could qualify as a first time home owner!  Of course you will need to check eligibility rules and advantages given specific circumstances.

Price.  In the Fort Collins market we are seeing that the price may have bottomed out especially as it pertains to stereotypical first time homes. 

Payment/Rent  The rent on an average 3 bedroom home in Fort Collins would be about $1100-$1200 per month.  With rates what they are today you can OWN a lot of house for that kind of payment!  Check with your tax professional to see if you could also benefit from an additional tax deduction for mortgage interest.

Investment  In a time of uncertainty Real Estate is a very sound vehicle for a significant portion of your investment portfolio.  And as it pertains to our local market we have weathered the storm around us fairly well.  We are again seeing indicators that the local market is strengthening.

There are many factors in your personal situation that could lead you one way or the other. In fact, after hearing your situation and story I will remind you of some of the reasons not to buy.  But if you are in a stable position and expect to live in the area for a while we might decide that:

Now IS the Time.

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