Saturday, September 19, 2009
Now is the time to buy real estate
Written by Michael Rivezzo
House buyers are now finding lower prices for houses in areas they previously couldn't afford before the stock market collapse. Consumers are starting to take their money out of CD's and other investments and putting it into the housing market. With foreclosures reaching milestone highs in some areas, people seeking a more affordable price for a house can buy a foreclosed house at a discount. Banks acting in their best interest are trying to sell off as much debt as possible, which accommodates the consumer who previously could not afford the price of a house.
With that in mind we look at another asset for the home buyer. There is a $8,000 tax credit due to expire on the 30th of November. This tax credit is given to a consumer who qualify for a mortgage. People have taken advantage of this tax credit so far, 300,000 people would not have purchased otherwise so far this year.
This is a monumental moment for the first time house buyer to own a home. Foreclosed homes will be sold up rapidly so time is of the important matter. The tax credit is also due to expire within the next month but is being discussed for a possible extension.