Reno and Sparks Nevada First Time Home Buyers and Tax Credit
Now is the time for first time home buyers in Reno and Sparks to get a great buy on a home.
Northern Nevada is a fabulous place to live. And now is the best time for first time home buyers to purchase a home. Not only are home prices the lowest they have been in a long time, but the first time homebuyers tax credit of up to $8000 has been extended through April 30, 2010. Unlike the 2008 tax credit, this one does not have to be paid back! Detailed information about the first time home buyers tax credit.
Homes in Reno and Sparks have not been this affordable in a long time. First time home buyers had to look in outlying areas to find a home they could afford. Of course, that often meant a long commute to their jobs. Some economists estimate that homes in Reno Sparks are around 17% undervalued! Many of the homes are bank foreclosures or short sales and they are really priced to sell. Not only are home prices great, interest rates for home loans are at al all time low.
The homes in the $100,000 range often need some work, but this is a great opportunity for first time homebuyers who are willing to put in some "sweat equity" to obtain a really nice home in the "Truckee Meadows", the term given to the Reno Sparks area. There are also great buys on condominiums. A nice one can be purchased for under $100,000 so this is a really affordable option for first time home buyers.
First time home buyers have been allowed to apply the tax credit towards their closing costs. Your lender will be able to explain how this is done. And speaking of lenders, first time homebuyers should always visit their lender first to get pre-approved for a home loan and find out the price range they can consider when shopping for a home. Almost all sellers require potential home buyers to submit a loan pre-approval with their offer; otherwise the offer will not even be considered. This is especially true for foreclosed and short sale homes.
For first time homebuyers who do not have a lender, I would be happy to supply you with the names of some good lenders you can talk to. Just contact me at (775) 626-0662, or you can email me at Lyndi@RenoHomeSource.com
I can also email you listings to consider, make appointments to tour homes you are interested in and provide you with some great information and tools for finding your home. And don't forget, you can always search the multiple listings or find community information including area special events and links to helpful resources.
If you don't use the first time home buyers tax credit towards your closing costs, it will definitley come in handy for things like paint, floor covering materials, new appliances and/or projects to personalize your home. You can use your tax credit for anything you want.
So get cracking, first time home buyers! Your dream of home ownerhsip can become a reality; now is the time for you to purchase your home, the one you've been dreaming of in the Truckee Meadows - Reno Sparks Nevada.