First Time Home Buyers in Goose Creek, SC are taking advantage in the current Real Estate Market.
The combingation of low mortgage interest rates and low home prices due to high inventory of homes on the market and lots of foreclosures, there has been no better time than now for a first time home buyer to buy a home. There are great home deals all across Charleston (i.e. Goose Creek, Hanahan, Mount Pleasant, Summerville, and etc.). The $8,000 tax credit is icing on the cake for a first time home buyer if they buy in 2009.
Real estate matters: Timing is right for first-time buyers
By Ilyce Glink • McClatchy News Service • March 27, 2009 - In the nearly 16 years I've been writing this column, I've never seen a better market in which to be a first-time home buyer.
The rising tide of foreclosures has pushed down home prices significantly over the past 18 months. Homes, relative to income, are about at the historic norm, which means they're more affordable than they've been in at least a decade.
Beyond that, if you buy a foreclosed property, you might wind up spending even less, as lenders struggle to process all of the foreclosures and short sales that are piling up. (To give you some idea of just how many foreclosures abound in some markets, if there were no more foreclosures in Florida, it would take the courts nearly two years to process all of the foreclosures on the docket today.)
Not only have homes come down in price significantly, but 30-year fixed-rate loans are at about 5 percent. Some first-time buyers are getting 15-year rates at 4.5 percent or below. These are historically low interest rates that will seem downright cheap if rates rise above 7 percent, which they will likely do several years from now.
Spending less to finance a property means you can buy more for your money or buy less and save more for retirement or other purposes. With interest rates so low, and the price of homes falling, homeownership becomes affordable to many first-time home buyers.
As if this wasn't enough of a push to get first-time buyers off the fence, the $8,000 tax credit has been added on top of the pile of first-time home buyer goodies.
First-time home buyers (defined as those who have never owned a home or not owned a home in the past three years) who close on a home purchase by December 1, 2009, can get up to an $8,000 tax credit on their 2009 income tax return. (If you already bought a house after January 1, 2009, you can file for the credit on your 2008 tax return.)
To read the rest of the article, http://www.news-press.com/article/20090327/RE/903270368/1076
For more information on Buying a Home in Hanahan & Goose Creek, SC and Surrounding Areas contact Matt Naumann, your local local buying expert on Foreclosures, REOs, and Bank Owned Properties.
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