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Bright Future for Home Buyers in 2009 – Five Things to Consider

January 8, 2009

Turn off your TV, stop reading the newspaper and start working on your plan to buy a home in 2009. There are tremendous opportunities to SOLDbuy right now and I suspect that will continue through the rest of the year.

When will we see the bottom? It’s simple. Sometime after we hit it and we’re on the way back up.

That may not satisfy your desire to purchase at the perfect time, but it’s the truth. The best time to buy is when it’s the best time to buy for you.

Here are a few things to consider if you want to take advantage of the current market, especially if you are a first time home buyer.

  1. Home prices are at pre year 2000 levels in many areas. Some are bank owned properties and some are not. Do your homework to find the area that meets your personal needs as well as your financial budget.
  2. Know where you qualify as far as getting your mortage loan before you start to shop. RISMEDIA reports that today “Thirty-year mortgage rates increased slightly last week for the second consecutive week. The weekly average rates for 30-year fixed mortgages increased to 5.10%, up from 5.07% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate website Zillow.com(R). Meanwhile, rates for 15-year fixed mortgages decreased to 4.79%, down from 4.86% and 5-1 adjustable rate mortgages increased slightly to 5.62% from 5.56%.”  Keep your eye on rates as part of your purchase strategy.
  3. Know what the tax advantages will be when you buy. Talk to an accountant or tax pro and know how owning a home relates to your overall financial health.
  4. Think of your purchase as an overall part of your life and finances. Buying a home is not an isolated event in your life, think about how it works to fit your needs in the long run.
  5. Take action. Do the work upfront and have a solid plan that you stick to. Buying a home is a very emotional event, and it’s easy to get caught up in the excitement without considering the long term effects of those decisions.

The time is right to buy for many right now, but not for everyone. Find out if it’s right for you.

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One Comment leave one →
  1. February 13, 2009 10:18 am

    I agree, 2009 will be a great time to lock in a great fixed rate loan on a home at a reduced price for homeowners. For investors a great time to pick up rental property. With reduced prices the rental homes will finally cash flow.

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