NOW is a Great Time to Buy Real Estate

The time has arrived to get that home you've dreamed about for the last few years and even in the location of your choice. With the current condition of the real estate market, buyers can negotiate better prices and terms on homes that have been sitting on the market for an extended period of time due to a number of reasons, mostly due to the economy. Sellers need to sell their homes and liquidate in order to make ends meet, home prices are down, and interest rates are still low.

This creates a perfect opportunity for you...the Buyer. Take your time and look for the home you truly want. With so many houses on the market right now and somewhat limited buyers in this down economy, you can have the pick of the litter. This is the perfect time to be in the market for buying a home.

Why This Autumn is a Great Time to Buy

This fall could be a particularly great time for first-time or buyers long out of the market to jump in, say a variety of real estate professionals.

Here are the reasons why:

• Prices are probably as low as they are going to go as the market stabilizes, thanks to the government takeover of Freddie Mac and Fannie Mae.

• Interest rates are likely to decline as Freddie and Fannie get government help.

• The Federal Housing Administration recently boosted its loan limits to $729,750 in expensive areas. It's going to take some of that back come Jan. 1, when the loan limit will shrink to $625,500.

The FHA allows down payments of as little as 3 percent, but that will rise to 3.5 percent as of Oct. 1. People scraping dollars together for a down payment should try to set their closing for the end of this month.

• The tax credit will shave $7,500 off a first-time buyer’s federal tax bill due April 15. Buyers who don't owe tax, will get the money as a refund.

The government's definition of a first-time buyer is anyone who hasn’t owned a home in the last three years.

Source: The Washington Post, Elizabeth Razzi

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Let me know if there is anything I can do to help with your real estate needs.

Randy