People ask me on a daily basis if they should buy now or wait. It all depends on the person and their current housing situation. So, it's hard to provide a general answer that fits every situation. However, here are five reasons to buy now. Of course these reasons will change if you wait another six months. Real Estate is very cyclical especially now.
- The $7,500.00 tax credit for first time home buyers. You can read more about it by clicking here. This program will be around through July 1, 2009.
- Home prices are better now than they were just 12 months ago. The big difference is that the inventory is shrinking now which will cause prices to rise again some time in the future. More and more sellers are waiting to sell than just last year. Plus activity is down right now, so you are likely to find a motivated seller who is willing to deal.
- FHA loans require only 3% down right now, but on January 1, 2009, this will increase to 3.5%. So a $200,000 home will require an additional $1,000.00 for down payment come next year.
- PMI (private mortgage insurance which is typically required if the loan to value is more than 80%)coverage on FHA financing is now uniform across credit scores which means payments are more affordable for buyers with lower credit scores.
- FHA has made it easy to fund the down payment necessary by allowing unlimited gifts from family members, bridal registries and 401k contributions. For more information on alternative down payment assistance programs, click here.
So there you have it! Five reasons to BUY NOW! Most of these are time-based, so depending on your situation, it just might be the best time for you to buy.
Scott Eaves, Associate Broker
(404) 518-3820 - DIRECT
(404) 920-3439 - FAX
www.scottsellsatlanta.com
Keller Williams Realty/Atlanta Classic
3800 Camp Creek Parkway
Suite 18-100 Atlanta, GA 30331
(404) 564-9500
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