May 2009 Buyer's Update

Buying A Home Now Could Be Your Best Move Ever

At last, given recent changes in the housing market nationwide and locally, it's a small wonder buying a home is looking a lot more attractive. From first-time buyers to dream-home trade-uppers to snow birds to rental investors, market conditions and tax breaks have combined to make buying a home today much more affordable. The buyer's market of 2009 may make many new homeowners look back on today's market as one of the best opportunities ever. Here are six reasons why.

Lower Prices: Some areas may not hit absolute rock-bottom for some time. But focusing on the bottom of a housing market is fraught with problems. First, it's only with hindsight (or clairvoyance) that one can accurately spot the point at which housing prices hit bottom. By the time market data begin to show sales increasing and prices rising, the best home values are already a thing of the past. Opportunity missed.

Great Interest Rates: Mortgage interest rates are near historic lows for those who have good credit -- but that won't last forever. A buyer who can qualify for, say, a 5.5% fixed interest rate on a 30-year, $200,000 mortgage would have a monthly principal and interest payment of $1,136. Buying a home at today's interest rate could be less expensive than purchasing a lower-priced home some months down the road. (Interest rates used are for example only; call for a current quote!)

Big Selection: Another advantage of today's market is having a good selection of homes to choose from in most areas. Being ahead of the demand curve, before other buyers enter the market, means you get to choose from among the best properties within your price range.

Flexible Sellers: Sellers today are well aware that more homes are competing for the available buyers. Faced with lots of competition from other homes on the market, sellers right now are often willing to negotiate not just price, but contract terms. 75% of builders are offering incentives to get their homes sold.

Tax Credit: First-time buyers and those who haven't owned a home in the last three years may qualify for a tax credit up to $8,000 by purchasing a home before December 1 this year.

Now's The Time To Buy
Homeownership is a long-term investment. With that in mind, the fear that a home you buy today could lose some value in the short term should be weighed against the clear advantages today's market offers. With a long-term horizon, chances are your home's value will increase. In the meantime, it will provide you with shelter, stability, security and a place to call your own.

If you're interested in buying a home, think seriously about doing so now. You may never again have so many valuable advantages all at the same time. Give me a call…I can help!

I truly appreciate your friendship and referrals.

Diane Varner
770-736-1950
www.DiVarner.com