Yes, the economy in the United States is not so great and there are many that are jobless. However, you can find a bright side here. Today it is easier and more affordable to own your own home than it has been in years. Home prices are at a low, the interest rates are low too, and there are incentives provided by the government for those purchasing homes for the first time.
Sure, there have always been benefits to owning a home. You get to take the interest you pay on the mortgage and deduct it from taxes, you can also build up home equity by paying off the balance on the mortgage more quickly, and usually you’ll find the home value goes up. Well, here are some of the top reasons that 2009 is the time to purchase your very first home.
1. Over the past few months since the mortgage crisis, the prices of homes have dropped big time. About 20% is the average drop, while in some places it is more. If you want to invest, purchasing a home right now is a great option. It looks like the housing market is at the bottom and soon the values will begin to go up again. Purchasing now gives you the option to make big money if you sell for profit in a few years.
2. The government has created a tax credit for first time home buyers. You can get up to $8,000 if you buy your first house this year, but you have to close before December 1, 2009. This is a free gift, you don’t need to pay it back. The government gave this incentive, because they know that the economic recovery will heavily rely on the housing market.
3. Even if you don’t have a lot of money for a downpayment, it is still possible to purchase a home right now. There are many great Columbus Loans available that only require a small percentage down on the home. Veterans don’t even have to give a down payment in order to purchase a new home.
Reason #4 – Companies Want to Lend – Believe it or not, you’ll find that the mortgage companies out there really want to lend. Since the interest rates are low, you can afford a nice home. Banks want to find buyers that are qualified, so you will need to have a good credit score. You will also have to show you can afford to make the downpayment on the home as well.
5. There are many homes out there owned by banks and by the government as well. These homes are available for big discounts and the sellers really want to get rid of them. Homes that are almost new today are going for 25% lower than the value on the current market and there are few repairs to worry about.
We are all in the middle of a grand opportunity when it comes to buying a house this year. We already see homes selling quickly this spring. Take advantage of this chance before the market turns around and booms once again. Some people will not be able to get a bank loan due to credit issues. Don’t despair, you may be able to buy your home with seller financing and still qualify for all these benefits. Buy your first home in 2009 – it will be the best investment you could possibly make in this lifetime.
About the author: Susanne Novak is a full time real estate investor who helps home owners buy properties at discounted prices. Her blog shows how to find the best Columbus houses and how to buy Columbus OH Homes for Sale.
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