Feb
10

Home Buyer Opportunities in Today’s Market

February 10, 2009

Many home buyers have been hanging back, hesitant to make a move toward purchasing real estate in this difficult economy. At first people were waiting for home prices to “hit bottom” and now people are waiting for the unemployment rate to stop falling. Whether or not you are ready to buy a home is individual and depends on your own situation… However, you should know there are several factors working in your favor right now that can make it a good opportunity to get down off the fence and purchase that home of your dreams.

1.) Low Mortgage Rates

According to Freddie Mac, the average 30-year fixed mortgage rate for the week ending January 29 is 5.10% — this is historically low. Buyers who lock in at close to 5% now stand to save a lot of money in interest over the life of the loan. Mortgage rates are already on the rise, having dipped to 4.96% earlier this month. If you have stellar credit and funds for a substantial down payment (at least 10%), now is a good time to secure financing on a home purchase.

2.) First-Time Home Buyer Tax Credit

First-time buyers who purchase a home before July 1, 2009 may be eligible for a $7,500 tax credit. The credit is more like a zero-percent loan because it needs to be paid back within 15 years, but it gives buyers a good chunk of change to help offset closing costs and moving expenses. Married couples with a joint income of up to $150,000 or single buyers with an annual income of up to $75,000 qualify for the maximum credit amounts.

3.) Bargain Priced Homes Available

There is a growing inventory of foreclosures, short sales, REOs (real estate owned), and motivated sellers on the market today. These types of properties are known to have reduced prices and can be a good deal. However, it is very important for buyers to enlist the assistance of a professional agent when considering unconventional listings because different rules apply in these situations. There is more risk involved, so you should always have an agent experienced in foreclosures, short sales, etc. on your side to protect your best interests.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

1 Comments

1

Nick, You make very good points. It is a great time to be a buyer!

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