Are you thinking about buying a home this spring? When I was growing up my aunt always had a puzzle out on a table in her living room. It was
always a race to get that puzzle would be completed. If you are thinking of buying a new home it is time to put the pieces of your home buying puzzle together before you miss out on some extremely favorable buying conditions and incentives.
Deadlines are fast approaching for the Tax Credit and it is doubtful that it will be extended again. In order to qualify for the $8000 first time tax credit or the $6500 tax credit for buyers who are moving to a new home after selling another home they have owned for 5 or more years, buyer's must be in contract by April 30, 2010 and close by June 30, 2010. In this area of New York state that means you had best be looking in February and early March. With the average closing taking 60 days or longer you need to find that house as soon as possible. These are hard deadlines in the law and as they get closer you will find that it becomes more difficult to get all the pieces of the puzzle in place in order to meet them.
Experts are telling us that interest rates are going to rise. Today we had a representative of a major mortgage lender at our company meeting. He told us that the rates are currently around 5% but they are expected to rise to 6% by years end. The sooner you find your new home the better your interest rates will be if this prediction is true.
Another important puzzle piece that just fell into place is that some of the conventional lenders are once again able to offer 95% financing. In the past year our area has been under restrictions that required a 10 % down payment for conventional mortgages. This 5% down payment will allow more buyers qualify to buy a home now.
Yes it is time to open the box and start put the home buying puzzle together. As an experienced Buyer's Representative I can be a valuable asset to you as you fit the pieces in place. I urge you to start today with a search right here from this blog post by clicking on the house search below.
Click Here To Search For Properties In The Greater Hudson Valley
Paddy Pizappi, Associate Broker for Buyer Representation
RJ Smith Realty - A Real Estate Solutions Company
Serving the Greater Hudson Valley of New York
from Pine Bush, NY at the corner of Orange, Ulster, and Sullivan Counties
Call or Text to 845-800-7086
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Paddy Good Advice, we can't hold on to these historically low interest rates forever, as soon as there is a signal of positive market changes...the rate will rise (just as sure as the sun will tomorrow).
Some good information and it isn't too complicated. There will always be a segment of people that procrastinate and miss out. In this case it may cost them dearly. $8,000 plus low rates plus good home prices ... It can't last forever!
Paddy, Everything you wrote is what I've been hearing as well...the interest rates will be rising and they won't be extending that credit again. People who are sitting on the fence should think really consider that buying now would be the best time to purchase.
Good information. I have several similar posts I need to write this week. I just wish the tax credit program had been extended through the summer, since around here most families with school-age children, buy their homes during the summer, so they get their kids settled into the right school zones at the beginning of the school year.
So right Steve. Thanks for the comment
It really isn't too complicated Steve. If you hesitate now you will not get the tax credit and the interest rates will rise.
Yes Carole. Now is the best time to make your move if you plan on it.
It would have been helpful Lisa but if they want to take advantage they will have to move early.
Paddy....Really good post. Putting the pieces together is much easier with the help of a professional Realtor.