Should I buy a home now? First-Time Home Buyer Tax Credit, Grants, Buyer's Market
There are many fears about the market right now. Many families face the question whether they should buy now or wait. Of-course you want to evaluate your position on if you are ready, such as your job status, financial status, etc. However, keep some of these benefits in mind, when you think that buying might be an option for you.
Everyone knows this is a Buyer’s market right now; home prices are lower than ever. With more leveraging power in this market, buyers can typically get more for their money (more space, amenities, yard space)
With the $8,000 First-time Home Buyer Tax Credit extended till April 30, 2010; buying a home has more incentives than ever.
For those with Low incomes, most states have Grants for low income families program. In Illinois, the Illinois Housing Development Authority can provide loans or grants up to $3,000 for low-income families and $5,000 for very low-income families to be used toward a down payment and closing costs. For more information regarding this Illinois home grant go to www.ihda.org
Interest Rates are low right now.
Buying in this low price market can prove to be a wise investment, and one could gain tens of thousands of dollars of equity when market prices rise. Home Prices will rise; it’s just a matter of time. Real estate, just like the economy operates in a cyclic motion, or shift. Opportunity only exists when you position yourself to see it.