Help from Government
Sale of new homes has been on the increase for the last few months as more and more people are realizing this goldmine of an opportunity. Even in some of the harder hit markets of the United States people are snapping up houses for half of what they would have had to pay in 2005.
For the first time home buyer, more incentives are on the offer. The government is offering a refundable, first time buyer tax credit of $8000 for home buyers who buy before Dec 1, 2009. Essentially, individuals making less than $75000 per year in taxable income or married couples with less than $150,000 taxable income will get a 10% credit on the purchase price of the home, capped at $8000. You need not even wait till end of 2009 to get the tax credit, you can very well amend your returns for 2008 and move this to your 2008 taxes, i.e. assuming you have filed. If you are buying in the long term, this is definitely the phase in the market where you can buy low. And maybe sell high in the future.
More Value for Less Money
Depending on what kind of a home you want and where you want it, the same amount of money that you would have spent in 2005 will definitely buy you more special features, more space and a better neighborhood in 2009. In almost every market, you are guaranteed to get an extra bathroom and a bedroom.
A $400,000 price tag with a 30 year fixed mortgage at today’s best rates translates to roughly $1900 per month. If you have full income documentation and a good credit, you can easily get up 5-10% down on a traditional 30 year fixed mortgage.
Buyers are at an advantage as they find home inspections and repairs being completed before the home goes on the market. New home builders are also offering various rebates and schemes and extensive options to customize based on your requirements. A new home buyer is being treated with kid gloves in all markets; and for people looking at buying for their own use, for the long term, there is not going to be a better time than now to take the plunge.
Sometimes, it may so happen that the best bargains are on offer at a time that you don’t need it. This is one such time for home buyers. If you desire to own a home, maybe now is the time to act instead of waiting for another five or six years. Prices are low, interest rates are down. Time is also on the side of the buyer because the prices are not going to shoot up overnight, so the bidding can be as aggressive as you want. Make sure that once you find a home that you love, you have a comfortable plan to keep it for the long term.
About the Author:
Par Development is the popular new home builder in Illinois and Wisconsin. We know the Chicago and surrounding areas better than anyone else, and we have some great offers on Wisconsin new homes and Illinois new homes. Visit us at www.pardevelopment.com for some great deals on your new home!
Article Source: ArticlesBase.com
Posts
