According to an Associated Press article in today’s Dallas Morning News, now may be the ideal time for the first time home buyers, and move-up buyers for that matter, to buy. According to the article, for Americans debating to buy or rent a home, the scales now appear to be leaning toward the buy route. Taking into account the slide of home prices in some areas, the current near record low interest rates, the current $8,000.00 Tax Credit for first time home buyers and other tax incentives, renters are coming to the conclusion that for just a little more money, they could handle a mortgage payment.
The Associated Press analysis showed that the gap between home ownership of a median priced home in 45 metro areas and the median rental price in those same areas had dropped from $777 per month to $221 per month. If more potential buyers learn these facts, it could mean a quicker turn around for the housing market. This already appears to be happening as word of multiple offers on foreclosed properties is becoming much more common event.
The down payment amount is still a stumbling block for some first time home buyers, and the mortgage loan qualification process has become more difficult, however, with the exist home sales number up in most markets across the country, it is difficult to think there will be a better time for reasonable home prices, super low interest rates and a potential $8,000.00 Tax Credit. Now is the time to take advantage of all these items and get into the home buying market. Particularly the first time home buyer. Opportunity is knocking. Call me today, 972-402-4124 and let’s get the process started.
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