Missed out on the homebuyer tax credit? Now is still the time to find a great deal. The home tax credits have come and gone, leaving some potential buyers writhing with regret. Although they may have missed out on a historic deal they are still in the midst of the best market for homebuters in the last half-century.
Linda Rheinberger, the president of the Nevada Association of REALTORS®, says that sustained lower interest rates, lower prices and the encouragement of people purchasing homes will continue the momentum of people wanting to own property. “People do see the advantages of homeownership,” she says. McCloud says one homebuying advantage is that once buyers are in, their home value usually increases 3 to 5 percent each year.
Although the market is still clearly in favor of homebuyers, first-timers should get their debts low in order to demonstrate their ability to save beyond the down payment and closing costs, Rheinberger says. The incentives to buy a home sooner rather than later are strong to Rheinberger who adds, “When we look back on this historic time, people who bought homes are going to be happy that they did.”