Five Reasons Why You Should Buy a Home Right Now!

If you have been considering buying a home, now may be the perfect time. We may never see conditions this good again in our lifetime. Here are just a few reasons why you should consider buying that dream home soon.

1) Mortgage rates are at historic lows. Thirty year fixed rates are under 5%. They have not been this low in the past 30 years and they may not be this low again for a long time.

2) The Worker, Homeownership, and Business Assistance Act of 2009 provides some lucrative tax incentives for both first-time home buyers and repeat buyers. For qualified buyers who purchase a principal residence before April 30, 2010, there are tax credits of up to $8,000 available for first time homebuyers and up to $6500 available to repeat buyers. For more information, go to http://www.irs.gov/newsroom/article/0,,id=215791,00.html

3) Home prices are more attractive than ever. Prices have plummeted just about everywhere. In some of the southwestern states, many homes are priced at half what they were just four years ago. Half! That means that your dream home might be within reach for the first time.

4) The number of homes on the market is up. Translation: Lots of choices for you! But this may not last long. Low interest rates, low prices and tax incentives have resulted in increased sales over the past few months. This trend will likely continue through the spring resulting in reduced inventories of existing homes.

5) Home prices have already stabilized in some areas and should firm up in most others by mid-2010 according to the National Association of Realtors. In other words, we likely have or will soon hit “bottom” and prices will begin to rise again.

By Deborah Higgins, INFOTRAK National Data Services

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