Buyers See Value in Today's Market

Housing is more than an investment. It is a basic need. You have to live somewhere. Why not in a place you can call your own? Where you can change the wall color if you want? Where you can have a cat or dog or children? Where you can plant a garden? I, for one, am tired hearing about the merits of renting over owning a home. It seems to me that renting is just throwing your money away down a deep hole. Buyers need to be careful not to overpay in a down housing market, but the advantages of owning your own home still far out weigh paying rent. "Location" and "condition of property" are the two most important variables for selecting a home. Pick out the town and community that you like best--for the quality of life, closeness to work, school system or other criteria you think most important. Then carefully select you home based on location inside the community and look closely at the condition. Have a thorough home inspection and check out the basics--like whether it is connected to public sewer or age of the septic system--what the quality of the drinking water is--town or well. Also, you are well-advised to also check with the local police to find out what the crime activity has been in the neighborhood and take a look at any sex-offenders, nearby. Of course, you would want to know this information even if you were renting in the neighborhood.
President Obama and the congress have enacted a stimulus bill that includes a $8,000 tax credit for first time homebuyers or for others who have not owned a home for the past 3 years. This is a credit---not a deduction---and it does not need to be paid back. Homes must be purchased before December 31, 2009 to qualify and they must be single family homes where the taxpayer will live. If you have a job and good credit, you may qualify for as little as 3% down under the FHA guidelines. Homes will also need to qualify as to being priced fairly in the down market. So, there are great resources to help new buyers--great selection--and more cooperative sellers, than in the past years. If you are considering purchasing a home this year, give us a call to help you with the process, make sure you have access to all the financing options and most importantly---that you are not over-paying. There should be more and more great, new homes coming on the market as the spring months progress. What a great time to buy a home!