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What are You Waiting for…Buy that Home and SOON

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Education & Training with Glasswork Media Arts

What are You Waiting for…Buy that Home and SOON

 

I am trying to understand the mindset of those that are seriously thinking about purchasing that first home who are still sitting on the fence. The market at this point is making a nice recovery in most areas of the country, the inventory is high and interest rates are at historic lows, not to mention the Home Buyer Tax Credit that also encompasses second time home buyers as well.

 

Most banks are again lending, however the requirements have been tightened to avoid a repeat of what happened in the recent past. FHA has a myriad of loans available to first time home buyers. With the insurance of the loan by FHA lending institutions can offer more attractive rates, lower down payments, and help with closing costs. Mortgage rates are at historical lows at less than 5.5 – 6%. Over the past 30 years mortgage rates have averaged 9.2%.

 

Let’s not forget the advantages to owning versus renting. When owning your home you are able to deduct mortgage interest, property taxes and now PMI as well. As long as you buy within your means you will not only enjoy peace of mind, but you will also know that you can ride out any market shifts with little or no impact on your quality of life. Then when the market recovers and you are ready for that next real estate move, the profits from selling your home are tax free. The federal government allows profits of $250,000 for singles and $500,000 for married couples to be realized tax free.

 

Now is the time to buy, those of you sitting on that fence need to be sure that when you finally do make your move it’s not too late. In addition to the link above, the NAR has a created a website specifically for buyers with the latest information about your local market, as well explaining the benefits of home ownership.

 

 

If you or a friend or family member are thinking about buying or selling a home, feel free to contact GettysburgGerry for assistance.

Mary Jo Thomas
Solutions Real Estate - Phoenix, AZ

Hi Gerry,  Thank you for the post.  The fence sitters are going to miss the boat as property values are starting to come up a bit.

Mar 31, 2010 03:23 AM
Joe Hansen
Joe Mortgage - Precision Mortgage Inc. - Phoenix, AZ
Joe Mortgage Team

Agreed Gerry.  I don't know what people are waiting for.  It seems like they want the perfect house for free and even then they are not taking home buying serious yet they complain because they may miss the tax credit.  There will be a lot of sorry people out there when they miss out.

Mar 31, 2010 03:23 AM
David Monsour
Keller Williams Keystone Realty - Gettysburg, PA
ABR - www.realty-insights.com

It's obvious that we are all running into the same thing.  Entitled first time buyers that expect the world to fall into their laps.  There seems to be this sense that everyone that has their house for sale is in financial distress, which isn't the case.  I'm about to bring a first time buyer down to earth in about an hour.  Low ball offers coupled with lots of closing cost help simply aren't going to fly. 

I want my clients to get a good deal, but I also want them to be realistic about what a "good deal" really is.  Compared to 5 years ago everyone is getting a good deal.

Mar 31, 2010 03:36 AM
Gerry Michaels
Glasswork Media Arts - Gettysburg, PA
GettysburgGerry Social Meida

Mary Jo, that's right they are going to miss the boat, but guess who is going to get blamed..

Joe, whats the old saying, you snooze you loose

Dave, great points, so many buyers think that sellers are just going to give their home away...ain't gonna happen

Mar 31, 2010 07:02 AM