An Unprecedented Window of Opportunity
December 15, 2008
For those whose homeownership aspirations have been dampened or temporarily derailed by the housing and economic downturn - the people wondering if this is a good time to buy - the answer is simple: Yes. It’s a good time to buy.
Today’s market, coupled with a temporary tax credit for first-time home buyers and near-record low mortgage interest rates, provides an unprecedented window of opportunity for prospective home buyers. In fact, there may never be another buyer’s market as good as today’s.
Opportunity of a Lifetime for First-Time Buyers
Even Congress thinks it’s a good time to buy a home as it demonstrated with enactment of the $7,500 federal tax credit for first-time home buyers. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. Partial credits of less than $7,500 are available for individual taxpayers with incomes up to $95,000 and for married taxpayers with incomes up to $170,000.
But like so many of the good things in life, time is of the essence. Only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible for the tax credit, which works like an interest-free loan and must be repaid over a 15-year period. Detailed information about how the tax credit works is available at FederalHousingTaxCredit.com
Ample Inventory
An outstanding selection is another reason it’s a good time to buy. Available inventory is probably the best it will ever be, providing buyers with a great choice of homes. Many builders have inventory that is “move-in ready,” and they may offer upgrades or other incentives to seal the deal. Likewise, owners of existing homes who are looking to trade-up or relocate are ready to bargain.
-The National Association of Homebuilders
Comments
One Response to “An Unprecedented Window of Opportunity”
Got something to say?
You must be logged in to post a comment.
·
[...] Discussing Your Credit | Discussing Your Credit wrote an interesting post today onHere’s a quick excerpt For those whose homeownership aspirations have been dampened or temporarily derailed by the housing and economic downturn - the people wondering if this is a good time to buy - the answer is simple: Yes. It’s a good time to buy. Today’s market, coupled with a temporary tax credit for first-time home buyers and near-record low mortgage interest rates, provides an unprecedented window of opportunity for prospective home buyers. In fact, there may never be another buyer’s market as good as today’ [...]