There are only a couple weeks left before the housing credit expires, which may make you ask why the expiration was set smack dab in the middle of the traditionally busy real estate season. This is a good question, but there is still time to buy your St. Louis area home.
Ordinarily, after a slow fall and winter, housing picks up in the spring. This past year, many people bought by October 30 to take advantage of the first time buyer's credit when the credit was expanded; sales were slow in the November as homebuyers in the pipeline bought earlier to take advantage of the credit. Repeat buyers, who could qualify for credits under the extension prepared to list their homes. Sales flattened during the December holidays and early January, and despite record snows through the country started to rise in February. This trend continued in March, and now it's April - prime for spring house hunters.
With the credit expiring soon, what can you do to take advantage of it? If you have been looking at homes for the past couple months and been hesitant to commit, the time to do so is now if you want to claim the credit. If you have been waiting to make sure housing prices are at their lowest, consider that interest rates are rising. Even if housing prices go even lower, you will pay more in interest that will soon exceed any price savings. This means it is time to revisit unsold homes you have looked at and make an offer. If you have already rejected those, you still have a good idea of what you want. Go to the premier home site, TheSTLHomefinder.com to zero in on few new properties to look at and then, get the contract in
process.
If you have only recently decided to buy a home, you have your work cut out for you in the next 10 days or so. By checking out TheSTLHomefinder.com, you can compare communities to see the types of housing available in St. Peters vs. Wildwood vs. Fenton. By reviewing the statistics of average and median home prices there, you will know which community is the best match for your pocketbook. By reading a little information about the cities, you can find a match for your lifestyle. You can examine in detail the properties that interest you and then call a Realtor to set up some showings.
Now let's get real. Having a $6,500 or 8,000 is a nice incentive, but this amount is more of a drop in the bucket the more expensive the house is. Even if your home is about $150,000, $8,000 is probably only a year or less of payments. This is not enough to encourage you to buy a home if you're not ready to and should not discourage you from buying one if the deal is off by the time you are ready. Homes will still be available after May 1st! A home is a long term purchase made over 15 or 30 years. More than that, it is shelter and protection for your family. Having said all that, if you can claim the credit, why not?
The timing of the end of the credit may be crazy, but April 30 is coming soon. If you want to buy a home while it is available, you need a Realtor who will move fast to help you get a contract signed in time without cutting corners. This is why more and more St. Louis area homebuyers are choosing the Becky O'Neill POWER Team. We promise a Positive Outcome With Outstanding Results.
Check us out! We're young, we're fun, we'll get the job done!
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