Ways to Make Your Dream Come True of Owning Your Own Home
The American dream is to be a homeowner. Unfortunately, many people do not realize that they really can afford to own their own house, especially now. The real estate market now makes it the best time to buy your first home with a Lemon Grove real estate agent or a Spring Valley real estate agent than ever before. These tips will point out the reasons why you should take the plunge and buy your first house and how the pros for doing so will outweigh the cons.
Right now, the residential real estate market is struggling due to a bad economy and homeowners that took out home loans that they could not afford by money hungry lenders. There are more foreclosure properties for saleas well as homes selling in what is called a short sale. This means there are some great deals for a first time homeowner. A home that is a foreclosure property means that thehomeowner could not afford to pay themortgage anymore and so it is now owned by the bank, not the person that purchased it. Sometimes these properties are also known as bank owned homes. A short sale is still owned by the owner but the sale price is less than what is owed on the house. This is for the person that needs dire help in a financial crisis. There are also people that have lost their jobs and are reducing the type of home to be able to afford this setback. All of these reasons have resulted in a saturated market, meaning there is a large numberof homes for sale at all different price points. This is known as a buyers market, where the buyer can be more selective in getting a home for the price they want and under the circumstances they want as well. This is one reason why you shouldthink about buying your first home. You can get agreat deal more house now for a smaller pricetag.
Another reason to buy a home now for the first time is that the interest rates are at a very low for purchasing a property. This is something that you canlock into for a good thirty years at a fixed rate mortgage. Why not get one that is lower than it has ever been before and have it for the next 30 years? Another reason to buy your first time house from a Lemon Grove real estate agent is a new financial tax credit that President Obama is giving to to people buying their first home. If you buy your first home now from a Spring Valley real estate agent , the government will give you an $8000 tax credit for doing just that.Owning a property provides you with many benefits. Owning a home typically increases with value over the years whereas renting a helping give someone else money to live with no added benefit. With all of the lower rates and benefits now existingto the first time homeowner, you most likely will spend the same amountper month as your rent but instead own your home.
May 29 2009 11:38 pm | Real Estate
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