Is now the time to buy a house in Lousiville KY

Well, not sure how long it is going to take for the real estate market in Louisville KY to get to record high sales again and I am smart enough not to put a prediction out there. However, there are some big factors colliding with each other in the current market that might indicate it is a good time to by, especially if you are a first time home buyer or looking to go from a $200,000 home to a more executive style home.

First interest rates are at near all time lows, see this article in today's business first. So if you wait a few years for the market to make a turn and between now and then, if interest rates go up 2% from where they are today the payment for every $100,000 that is mortgaged over 30 years will go up almost $130/month. So, if you have a $300,000 30 year mortgage it could increase close to $400 per month with just a 2% interest rate increase.

Second, if you are a first time home buyer or have not owned a home in the past 3 years, you may qualify for an $8000 refundable tax credit. This has changed from the $7500 tax credit in 2008 where you had to pay back the credit over 15 years. If you buy your first home between Jan 1st 2009 until December 1st 2009, you could get up to $8000 back on your taxes and you do not have to pay it back. If you want more info on buying your first home, visit First Time Home Buyers Louisville KY.

Finally, there are more foreclosures, short sales and motivated sellers than we have possibly ever seen in the Louisville and Oldham County Markets. So, with the increased inventory, banks trying to unload property, builders needing to move spec homes and individuals trying to avoid foreclosure you could get a great deal on a house. With the $8000 first time buyer incentive, this makes a great opportunity for folks to buy their first house. Also, if you are looking to move up in a home, builders have homes they need to sell and banks and individuals and willing to take losses to get properties sold.

If you want more info and want to search for Foreclosures in Louisville and the surrounding counties, visit Free List of Louisville Ky Foreclosures.

Times may not be great, but if you are the the position to buy, now is a great time to buy.