It’s a really good question in today’s economy, but if you’re in the market, it could be the opportunity of a lifetime.  So, why now? 

Let’s look at three main factors:  rates, affordability, and the extended $8,000 tax credit. Did you know you can find many 3 bedroom, 2 bath homes under $125,000 on the southside? Why pay, say $950 a month in rent, when you can have house payments cheaper?  And don’t forget, the interest you pay on your home is tax deductible!

Let’s talk rates:  Interest rates are near all-time lows, fluctuating around the 5.5% mark.  For example, if you qualify for the tax credit, an FHA loan at 5.5% and buy a home for $100,000, your payment before taxes and insurance could be around $725 a month. Now if rates start climbing, your have lost your opportunity.  Again, acting quickly on the right property with your financial goals and future in sight are keys to success in this market.

We are sure you have heard about the extension of the $8,000 tax credit. While restrictions apply, you can get up to $8,000 on your tax return after you close on your home. What could you do with $8,000? Save it.  Furnish your new house with it.  Add the sweat equity that brings your home up a notch in value to expedite removal of P & I insurance!  It’s $8000 and it’s yours!   Also outlined in the new tax credit guidelines are the $6,500 tax credit to repeat buyers,  key issues for prospective buyers and guidelines for certain employment groups.  To find out more about the extended tax credit, click here.  And, since this opportunity ends April 30, 2010, acting sooner rather than later would be to your benefit.

So you have rates at all time lows, you have some of the most affordable housing in the US and you can get an $8,000 tax credit. House payments less than rent.  You tell us, is there a better time to buy?  To read the complete article about affordability in housing, click here.

Submitted by:  Southside Housing Alliance