Summer is off to a quick start this year. The calendar page hadn’t even turned to June and we’ve had several days in the 80′s. With the clouds away for a few months now is a great time to begin searching for a home if you’re thinking about purchasing. As previously mentioned in my First Time Homebuyer Tax Credit post, the Federal Government is now offering an $8,000 first time homebuyer tax credit. The tax credit is literally free money people! A first time homebuyer is defined as someone who has not owned a home in the past 3 years. If you don’t meet this qualification, I’m sure you know someone who does.
Here are some great reason to buy in 2009
Historically low interest rates: Despite what you may have heard in recent weeks, mortgage rates are still at all time lows. Mortgage rates below 6% only come around every 10 years or so. To see them in the sub-5% range is even more of a rarity. First time homebuyers can fit a larger purchase price into their personal budget when interest rates are low.
Historically low home prices: We are definitely beginning to see a great amount of movement of home purchases in the Willamette Valley this year, but we are still have plenty of homeowners with the need to sell. The inventory of homes on the market is greater than ever which makes it a perfect buyer’s market.
Loan programs designed for first time homebuyers: There are several programs that have been designed and adjusted for first time homebuyers (although they are not necessarily exclusive for first time homebuyers). The FHA home loan program only requires a down payment of 3.5%. FHA also offers a rehabilitation home loan which allows borrowers to finance up to $35,000 of improvements.
Free money: The $8,000 first time homebuyer tax credit is definitely a once in a life time opportunity. The tax credit is only available for those who purchase before November 30th, 2009. There are a few important steps to buying your first home, so it’s best to get prequalified now to know if you can take advantage of this amazing opportunity.
If you want to discuss how you can take advantage of this market then contact me today. If you don’t qualify as a first time hombuyer i’m sure you have friends or family who do and should get the education they need to learn about this epic time.
Filed under mortgages by Conrad
The kiddos and Mickey.
Ok, yes, I’m still alive and well. K and I took at trip to California with the kiddos at the beginning of May. We had a great time spending a few days at Disneyland and a few days with my extended Venti family. The preparation to leave work for a week and a half didn’t even compare to the amount of preparation it took to take a 2,500 mile road trip with 15 month old twins! The time away was much needed and we couldn’t have asked for a better time together as a family.
I’m just now beginning to feel like I’m caught up from being out of the office. I have some exciting new posts that will be coming in the next week! Mortgage rates are still below 5% and we’re helping many people save money on refinances and are beginning to see a lot of first time home buyers take advantage of the 2009 FTHB tax credit!
If you’re here in the Willamette Valley, enjoy the sunshine on this beautiful Memorial Day Weekend!
Many of you heard that mortgage rates were good last week. Many of you also heard that rates may go even lower. The fact is that last week rates were great and today the trend has followed through on this chilly Monday morning. Rates actually held a trend around or below 5.5% for the better part of 7 working days. In the recent market a steady trend of anything is unexpected. The announcement of the Treasury willing to buy additional mortgage backed securities was the cause of our low trends. The short term future of rates is still something that cannot nor should be forecasted. The market doesn’t allow us to follow traditional trends and driving indicators of where rates will go. With that said, it is better to take advantage of an opportunity of already low rates when you can rather than waiting for something that may never happen.
Great prices, yes, I say great prices. As I’ve said numerous times, we’re fortunate to live in the Willamette Valley where we haven’t seen too drastic of a drop in home values. However, there is enough inventory currently on the market to offer an amazing opportunity for anyone thinking about buying a home (regardless of whether you are a first time home buyer or a seasoned veteran).
The key to success in this market is understanding that now is the time to take advantage of each of these opportunities at hand. If you wait for the rates to drop even lower or the prices to fall even more, you’re likely to miss the boat.
If you need help finding the starting point call or email conrad(at)conradventi.com today.
