1. First Time Home Buyer Tax Credits have been extended...that's $8000 for a first time buyer to make house payments with, furnish their new home, replace the carpet or other updates, etc.
2. Existing homeowners receive a $6500 Tax Credit when purchasing a new home if they have resided 5 consecutive years within the last 8 years in that property as their primary residence. That's $6500 to put back into the mortgage to reduce the principle.
3. If you receive a Tax Credit, file an amended tax return for the immediate Tax Credit money. You do not have to wait until 2011 for the money.
4. Prices on homes are lower than they have been in years, you get more house for your money. More could be something newer, smaller, different location, or just bigger.
5. There is a large inventory pool to choose your new home from. Choose from resales, new construction, foreclosures, or short sales.
6. Interest rates are around 5%. If you presently have a 7% rate, a higher priced home could have the same payment as you have now. Or, you may simply reduce your house payment.
7. The Tax Credit for existing homeowners is for any purchase including downsizing. Here is your chance to make the move you have been putting off.
8. Money is available now for mortgages; new guidelines coming will make if harder for some people in the future to qualify for loans.
9. Tax Credits have a time limit...you must have a written binding contract to purchase in effect by April 30, 2010 and until July 1, 2010 to close the sale.
So does getting the type of home you want - moving up, change in area, downsizing; at a lower interest rate; plus possibly receiving a tax credit...make you understand why we think it's a great time to buy a new home?