First Time Home Buyers have a new incentive to help toward owning a home. We currently have very attractive conditions that should help new buyers enter the market and achieve their goal of owning their first home. There are local Down Payment Assistance Programs and new Loan Programs designed to help you own your first home.
The market current provides and supports opportunity for you:
- Historically Low Interest Rates
- Real Estate is a Reliable Investment ($10,000 dollar investment in Stock Market in a normal market typically nets 12% ROI over 10 years, $10,000 dollar investment in the Stock Market in a bull market nets a 25% ROI over 10 years, and a $10,000 investment in a home in a normal market nets a 100% ROI over a 10 year period. Real estate is a more reliable investment than stocks. Source: NAR
- It's a Buyer's Market--Plenty of Supply and Little Demand
- The Buy Smart Time--typically a good time to buy a home is when the market is recovering.
- Rates are back where they were at historically lows to make mortgage payments affordable.
- There is a wide selection of houses which is good news for buyers when they have good home to choose from.
- Homeowners in it for the long term nearly always come out ahead when building wealth.
- It is a good time to take advantage of the strong local economy.
- Home sales have slowed giving buyers the advantage.
Additionally, the Goverment is offering a $7,500 tax credit for First Time Home Buyers!
Who is elibigle? The $7,500 tax credit is available for first time home buyers only. The law defines a first time home buyer as a buyer who has not owned a home during the past three years. All U.S. citizens who file taxes are eleible to participate in the program.
What Type of Homes Qualify? All homes within the U.S., whether single-family, town homes or condos will qualify. There are conditions. The home must be used as a primary residence, and the buyer has not owned a home in the prior three years. The tax credit includes newly constructed home.
If you are thinking of buying your first home, now may be a very good time to learn about your options. Visit our website for dates for First Time Home Buying Seminars or call me to register for the seminars or for details on how you can begin getting started in this process. The time is good and there is a deadline (July 1, 2009 for this tax incentive)....so call today and let's get started.
I am Jeanean Gendron, your Redding and Shasta County Specialist. I can be reached at 530 276-7417. I answer my phone. Visit our websites to learn more about Redding and Shasta County Real Estate. I love helping first time home buyers.
Jeanean
$7500 dollars could go a long way to help first time buyers.
Sincerely
Tom Braatz
Jeanean, this is great advice for anyone buying a house anywhere in the country.
This is an interesting credit when you study it. It has some pros and cons, but in this day and age we have to use whatever is available.
I just had this discussion with a young couple tonight. Maybe by tomorrow they will own a home.