The Perfect Storm for Home-Buyers
Posted by Louise Scoggins on Tuesday, April 14th, 2009 at 8:12am.
The Perfect Storm for Home-Buyers
In my 8 years of selling Real Estate, never before have I seen a market like we are in. There are many things that you could call the market right now, but I like to believe that the current market is an opportunistic market. Rates are at historic lows, inventory is up, and with the new tax credit for first time home-buyers, it’s the perfect storm for buying a home.
Let’s look at this point by point...
First up: Interest rates are at historic lows. Interest rates have been hovering around 5% and sometimes even down into the 4’s for several months. The difference of even half a percent in your rate can save you not only substantial cash every month in your payment, but literally thousands of dollars over the life of your loan. I know this personally from experience in buying my new home. The difference in my payment went down about $200 from when I originally pre-qualified with my lender to when we actually locked in at the lower rate. So why wait for rates to go back up?? Act now and save money!
Next point: Inventory is up. Yes, it’s true. Inventory is up nationwide. Atlanta is not an exception. There are probably 50 or more homes at any given moment that would be well suited to your “wants and needs” for your new home. So, because inventory is up, values are down. Sellers are more motivated to sell now than ever before. Non-distressed sellers are competing with foreclosure pricing and (unfortunately for those sellers) you as the buyer are reaping those benefits. So…why wait for home values to stabilize?? Buy now and get a great deal on your new home!
Last point: The $8,000 home-buyer tax credit is now in place for first time home-buyers who purchase a home in 2009. This is literally FREE money to you on your next tax return. That’s right, I said FREE MONEY. The government is actually going to pay you $8,000 for buying a home this year if you are a first time home-buyer. So, again, why are you passing up FREE money?? Attention first time home-buyers!! Act now and get your FREE MONEY!!
We may never seen conditions like this ever again. This perfect storm of opportunistic market conditions for buyers may never rumble around again. Don’t listen to the media. Listen to your local Realtor. If you can, NOW is the time to buy. You are saving money in every which direction possible (and in some cases, actually being paid for buying a house!). BUY now, SAVE money. It’s that simple, home-buyers! Call me today so we can get your savings started!
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Louise Scoggins
Metro House Hunters, Inc.
Phone: 678.520.5382 | Email Us
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Share3 Responses to "The Perfect Storm for Home-Buyers"
All good points. It truly is a good time to buy a home and as you pointed out, there are plenty of properties to choose from. Interest rates alone should be attracting the masses. When you look at everything - affordability, interest rates, availability - it's clear that if you can qualify and afford a home, it might be the time to get off the fence.
Posted on Saturday, October 31st, 2009 at 5:20 PM.
Thanks for your comments Jayson! It truly is the perfect time to buy a home.
Posted on Thursday, November 12th, 2009 at 8:49 PM.
Thank you for your good article! I read with great pleasure!
Posted on Thursday, July 9th, 2009 at 1:39 PM.