Why Bedminster renters should buy - especially NOW!

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Why Bedminster renters should buy - especially NOW!

Homeownership has many advantages, including tax benefits and the ability to build equity. And now, current market conditions make purchasing a home an even more attractive option than ever before.

In fact, a report earlier this year showed that the National Association of Realtors' Housing Affordability Index rose to the second highest monthly reading on record. That means homes are more affordable now than at almost any other time. What's more, the limited-time $8,000 first-time buyer tax credit makes purchasing a home an even better deal.

Those considering a move from renter to homeowner should keep these factors in mind:

• Length of ownership: How long do you plan to own your new home? Because of the costs associated with a home purchase, buying now could be a great choice if you plan to own the home for at least five years.
• Cost: How much should you spend? Contact a mortgage professional to find out your price range, and then crunch the numbers so you don't buy a home that is more than you can afford.
• Quality of life: In addition to greater median wealth compared to renters with comparable incomes, research shows that homeowners have better physical and psychological health, as well as higher life satisfaction and self esteem.

Are you ready to start looking at listings?  I can send them to you via email each day, once a week - whatever works for you - until you are really ready.  Click here to let me know what  might be looking for and I can start sending you listing alerts. 

An additional bonus: you can now take advantage of a Federal Housing Administration program to allow qualified home buyers to apply the credit as a downpayment when purchasing a home. This is possible through a short-term bridge loan that will let qualified home buyers use the tax credit to either make a larger downpayment above the FHA required 3.5 percent, cover closing costs, or buy down their interest rate.

Finally - don't forget that the First Time Homebuyers tax credit has been extended through April, 2010!

Contact me directly for additional information.