NOW MAY BE THE PERFECT TIME TO BUY FOR FIRST TIME HOME BUYERS
- New $8,000 first time home buyer credit (and in most cases, the buyer does not have to repay the tax credit). Certain criteria must be met so talk to your accountant.
- Reinstatement of FHA, Freddie Mac and Fannie Mae loan limits. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750.
- Historically low interest rates. Mortgage rates can affect a consumer’s purchasing power. The fact is, right now interest rates are low—certainly by historical standards—and these low rates translate to increased purchasing power for buyers.
- Though we have seen decreasing inventory in many of our markets over the last several weeks, we still do have quite a bit of inventory in many markets. This translates to more choices for buyers. We are also anticipating that Spring will bring on a lot of good, new inventory for us and that should bring in a surge of new buyers—for today’s buyer’s, that’s competition for you.
The current housing market offers a unique window of opportunity for confident buyers. The exciting news is that for the first time in quite a while, the stars are in alignment for consumers: mortgage rates remain low (certainly by historical standards), loan limits have been raised, there is an $8,000 first time home buyer credit and there is a large selection of homes to choose from. Now truly may be the time to buy and you may not want to make the mistake of waiting; because my guess is that if we were able to jump ahead 10 years from now, we’ll be looking at this market as a thing of the past—a time when we all probably should have been buying a lot more real estate. (Source:Chris Mygatt, President and Chief Operating Officer, Coldwell Banker Colorado)
SEARCH DENVER METRO HOMES @ http://www.BramerRealEstate.com/
For all you Real Estate Needs Contact:
Leigh Bramer
Realtor
Coldwell Banker
720-291-1111
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