How First Time Buyers can Take Advantage of Today’s Housing Market and Get the Best Deal of a Lifetime

Yes, the economy in the United States is not so great and there are many that are jobless. However, you can find a bright side here. Today it is easier and more affordable to own your own home than it has been in years. Home prices are at a low, the interest rates are low too, and there are incentives provided by the government for those purchasing homes for the first time.

Sure, there have always been benefits to owning a home. You get to take the interest you pay on the mortgage and deduct it from taxes, you can also build up home equity by paying off the balance on the mortgage more quickly, and usually you’ll find the home value goes up. Well, here are some of the top reasons that 2009 is the time to purchase your very first home.

1. Over the past few months since the mortgage crisis, the prices of homes have dropped big time. About 20% is the average drop, while in some places it is more. If you want to invest, purchasing a home right now is a great option. It looks like the housing market is at the bottom and soon the values will begin to go up again. Purchasing now gives you the option to make big money if you sell for profit in a few years.

2. The government has created a tax credit for first time home buyers. You can get up to $8,000 if you buy your first house this year, but you have to close before December 1, 2009. This is a free gift, you don’t need to pay it back. The government gave this incentive, because they know that the economic recovery will heavily rely on the housing market.

3. Even if you don’t have a lot of money for a downpayment, it is still possible to purchase a home right now. There are many great Columbus Loans available that only require a small percentage down on the home. Veterans don’t even have to give a down payment in order to purchase a new home.

Reason #4 – Companies Want to Lend – Believe it or not, you’ll find that the mortgage companies out there really want to lend. Since the interest rates are low, you can afford a nice home. Banks want to find buyers that are qualified, so you will need to have a good credit score. You will also have to show you can afford to make the downpayment on the home as well.

Reason #5 – Many Government and Bank Owned Homes Available – There are many of these homes out there and you can get excellent discounts on them. In fact, some of the new homes owned by the government can be purchased for a price that is far below the actual value. Usually there are few repairs that need to be made as well.

You’ll definitely find that today there is a big opportunity to purchase a new home. Many homes are selling fast already. It’s a great idea to take advantage of all these benefits before the market begins to climb and homes get more expensive. Even with bad credit, there are still options available, such as going with seller financing. Purchasing your first home is a great idea, especially in 2009.

Author Susanne Novak is a long-time property investor who helps home owners buy properties at discounted prices. Read her blog to find the best Columbus houses and successfully purchase Columbus OH Homes for Sale.

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