First time Home Buyers... Yes, the PERFECT STORM IS HERE!! The time to buy is NOW! Don't hesitate... RUN... To your nearest agent or REALTOR. Find your dream home! Make that offer and buy NOW! Your window of opportunity is closing, and closing FAST!
So, what makes this a perfect storm?!?!?
- Buyer's market (great value, selection and negotiating power)
- LOW interest rates (as of 9/9/2008, below 5.75% for 30-year fixed and going down, as reported by Bankrate.com)
- Down payment assistance still available (until 10/1/2008, see http://www.nehemiahcorp.org)
- 3% down payment (FHA insured loans w/ Mortgage Insurance)
- $7,500 home buyer tax credit (income restricted, good through 7/1/2009)
- Tax deductable Mortgage Insurance (through 2010)
- Inflation!! (enough said)
As a result of perfect storm. The average first time home buyer should be able to maximize on their leveraging and borrowing power to purchase a house with little to no money down, minimize on low monthly payments thanks to extremely low interest rates and maximize on tax credits and deductions to minimize on tax liability. The slow real estate market has resulted buyer's getting the best deals from the best selection of available properties. And keep in mind that holding Real Estate has historically been the greatest hedge against inflation.
--tim
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Timothy F. Lee,
BRIO Realty | MTG Finance
Office: 206.774.8639
Cell: 206.696.2664
Fax: 425.427.1734
TimothyFLee@gmail.com
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