With the Spring and Summer season upon us, there couldn't be a better time to buy! Inventory is still high in most markets, giving the home buyer many choices. The first time home buyer $8,000 tax credit is available to buyers who have not owned a home in the last three years. You can amend your tax return and get a check this year if you make a purchase now. FHA is in the process of possibly allowing the tax credit to used as a down payment, I'll post more on that as the news breaks.
Here in St Charles County, MO we are starting to experience a definite increase in showings and closed sales. I'm confident that with the sunny weather we also have a sunny real estate forcast. According to Lawrence Yun, Chief Economist, NAR Research, in a recent market update, "Housing affordability is one of the best headlines I can give you. The first quarter housing affordability index figure of 172 is the highest ever recorded since NAR began tracking the measure. The higher the figure, the more people have the financial capacity to enter the market. A median-income family, earning $61,100, could afford a home costing $291,600 in March with a 20 percent down payment, assuming 25 percent of gross income is devoted to mortgage principal and interest." If you've been on the fence about buying now is not the time to hesitate! As interest rates begin to increase, even a .5% hike could cost you $30,000 in interest over the length of your loan (based on $150,000 purchase price). You'll never find conditions more favorable- BUY NOW!
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