There are three major factors contributing to why you should consider buying a home now. James M. Weichert, President and Founder of Weichert Realtors, says, “Current market conditions have created a perfect storm of sorts that has made it an ideal time to purchase for first-time and trade-up buyers.  Those who have the means and the desire to buy now but don’t aren’t likely to see such a great opportunity again anytime soon.”

Here are three reasons why you might regret it if you’re not under contract by April 30th:

1. You won’t receive a home buyer tax credit.  The financial incentive offered by the Federal government for the past two years is set to expire soon.  If you’re not under contract to purchase a property by April 30th, you will not collect the $8000 if you are a first-time buyer, or the $6500 if you are a repeat buyer.
2. You won’t lock in on historically low interest rates.  Because the Federal Reserve has taken many measures, including purchasing mortgage-backed securities, interest rates have remained historically low for several years. Since the economy is beginning to show signs of recovery, the government may soon put an end to these stimulus efforts. If that happens, many economists believe we will begin to see a sharp increase in interest rates which could result ina much higher monthly payment for those who wait.
3. You might miss out on record home price affordability. Home price affordability is at itsw most optimal level in decades.  As a result, those who wait to buy will likely pay more for the home they purchase than what that same home would cost right now.

“There is no time to waste for anyone who wants to take advantage of this great buying opportunity, ” added Weichert.

This entry was posted on Thursday, March 25th, 2010 at 2:53 am and is filed under Buyers, First-Time Buyers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.