The recession and struggling housing market have made home prices more
affordable to more people. Interest rates are at record lows. Those
with good credit can get excellent mortgages. Despite the grim news
about joblessness, for many this is the best time to buy. And thanks to
Congress's recent extension of the federal housing tax credit
for first-time homebuyers -- $8,000 for qualified buyers - more people
than ever can enter the
market.
But no matter how the rules are changing, buying your
first home is still a stressful, personal decision. A mortgage is
likely to be the biggest investment you will ever make in your life-and
unlike a rental agreement, you can't just leave after 30 days if you
don't like your new home.
Here is a gallery of tips to help you decide if now is the time to buy your first home, and how to do it:
1. Find out how much you can afford.
2. Estimate how long you will remain in the home.
Click for more tips...
|
But I Have 5 Months Left! (Think Again)
|
|
You first heard about the $8,000 tax credit for first time home buyers last year. You thought about buying your first home, maybe even went to a few open houses, but the November 30 deadline crept up on you. Before you knew it, the opportunity to have $8,000 handed back to you had passed. But! In December we learned that the tax credit deadline had been extended to June 30th! So you're breathing easy again, kicking your feet up, maybe going to a few open houses...
If you're seriously considering purchasing your first home, don't miss your second chance for the tax credit! You don't have as much time to kill as you may think. It's true, you must close on the property and have the keys in hand by June 30th, but you must be in contract on that property by April 30th. Before you write up the offer (assuming it's accepted in a timely manner and there aren't weeks of negotiating), most fist time buyers look at several properties over a period of at least a couple of months. Which means you should start looking in February at the latest... And before you begin looking at properties you need to speak with your financial adviser and/or mortgage lender and get preapproved for a loan... Which backs you up into... January!
Time flies, and January is already half over! If you're thinking about buying your first home, call Carrie today!
|
