Is Now a Good Time to Buy Your First Home?

There are many factors to take into consideration when answering this question. One of course is interest rates, which have already reached historic lows (at least in the last 20-25 years) and continue to drop even lower. This won’t continue to happen forever!

The foreclosure inventory continues to grow, keeping the majority of the prices low. Prices on homes right now are the lowest they have been in years.

The programs that are available to first-time home buyers make it easier than ever to get a mortgage. Many of the programs offer low to no down payments, assistance with closing costs and options for the seller to contribute toward costs.

Combine these three factors with the new home owner tax credit that the government has bestowed on first time home buyers ($7500 in your pocket) and it creates a an ideal situation.

Put simply, there are a lot of good reason to buy right now!

Many people believe that this is the golden age for buying real estate because everything is in the buyer’s favor. Interest rates are low, prices are down (and are bound to go back up) and the tax advantages and mortgage packages make it just too good of opportunity to pass up.

Some first-time home buyers may be on the fence right now thinking that prices may even go lower. They can’t decide whether they should wait or if they should take advantage of the "ideal" situation now.

Well, the real estate slump is in it’s third year. How much lower are they likely to go? The procrastinators may miss the perfect opportunity to buy. Once the rates and the prices start going back up, there are going to be a lot of disappointed buyers that "missed the boat".

Find a property you like and begin enjoying the benefits of owning a home. Don’t be one of those people that look back on 2009 and kick themselves for not taking advantage of an ideal time to buy!