Monday, March 30, 2009

Now is good time to buy home for first-time home buyers

Posted by SooYeon(Pia), Shin

Real estate professionals tell now is the good time to buy a home, especially if you are a first time homebuyer. Prices are the main reason what makes the first-time home buyers to consider buying a house. According to the CENTURY 21 First-Time Home Buyer Survey, 85 percent of potential first-time home buyers says that they think current home prices are affordable. Also, 73 percent says that current prices plays the major role in their decision to buy. Tom Kunz, Century 21 Real Estate president and CEO, said, “Current pricing, rates and incentives, such as the First Time Homebuyer Tax Credit, provide tremendous opportunities for first time home buyers to get into the market.” The first-time home buyers are possible to get up to $8,000 tax credit. Furthermore, the government has made the new tax credit to be unpaid unlike the 2008 $7,500 tax credit.

It is a good time for not only first-time home buyers but also renters. According to a New York brokerage firm, tents have fallen throughout New York. Furthermore, studio apartments in doorman buildings made the biggest drop – 8.33 percent from the same time last year. Therefore, New Yorkers whose leases expire are, now, looking for better place for less money or a few increases. Lastly, owners are starting to pay the broker fees themselves, because finding good tenants is more difficult nowadays. So, New Yorkers gets another bonus on the broker fee.

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