A great deal of first time home buyers have taken action in purchasing their homes; however many are still on the fence...waiting...waiting...waiting. Waiting for what I don't quite know.
They may be waiting too long as most may not realize there are times when a 30 day closing is not in the scope of their plan. Others may think they can have until November 30th to initiate a contract instead of that being the date in which they will need to have closed the deal.
Despite current economic challenges, 83 percent of Americans still believe buying a home is a good financial decision, according to NAR's 2009 National Housing Pulse Survey.
The survey also found that one-third of renters are thinking more about buying a home than they were a year ago. Many of them still need to save toward that goal - 82 percent of potential homeowners consider down payments and closing costs to be the greatest challenges to homeownership.
Some economic analysts say that the possibility that the economy will go into overdrive and inflation will skyrocket is a much more frightening possibility than the current recession.
One inflation hedge nearly all of them point to is real estate. Owning it outright is the best scenario, but if that’s not possible, a low-rate, 30-year fixed mortgage is the next best thing. As inflation drives up salaries, mortgage payments will stay the same, analysts point out.
Real Estate is picking up in San Antonio and Buyers are taking advantage of the $8,000 Tax Credit and the low interest rates. If you are thinking of buying, don't wait too long as the best goes first. Seller's if you are considering to sell your home, don't wait and let this opportunity pass you buy.
First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.
