Why Today is the Best Time to Buy a Home

The American dream is to own your own home. Unfortunately, several Americans do not realize that they really can afford to own their own place, especially now. The real estate market now makes it the best time to buy your first home with a Lemon Grove real estate agent or a Spring Valley real estate agent than ever before. This article will point out the reasons why you should bite the bullet and buy your first house and how the benefits for doing so will outweigh the hardships.

Right now, the residential real estate market is struggling due to a bad economy and homeowners that took out home loans that they could not afford by irreparable lenders. There are so many foreclosure properties for salein addition to homes selling in what is called a short sale. This means there are some great deals for a first time homeowner. A home that is a foreclosure property means that thehomeowner could not afford to pay themortgage anymore and so it is now owned by the bank, not the citizen that bought it. Sometimes these properties are also known as bank owned properties. A short sale is still owned by the owner but the sale price is less than what is owed on the property. This is for the owner that needs dire help in a financial crisis. There are also many Americans that have lost their jobs and are reducing the type of home to be able to afford this setback. All of these reasons have produced a saturated market, meaning there is a large numberof homes for sale at all different price points. This is known as a buyers market, where the buyer should be more selective in getting a home for the price they want and under the conditions they may need as well. This is one reason why you shouldconsider buying your first home. You can get alot more house now for a smaller pricetag.

Another reason to buy a home now for the first time is that the interest rates are at a very low for buying a home. This is something that you canlock into for a good thirty years at a fixed rate mortgage. Why not get one that is lower than it has ever been before and have it for the next 3 decades? Another reason to buy your first time house from a Lemon Grove real estate agent is a new financial tax credit that President Obama has given to to people buying their first home. If you buy your first home now from a Spring Valley real estate agent , the government will give you an $8000 tax credit for doing so.Being a homeowner provides you with many good things. Owning a home typically can make you money over the years whereas renting a helping give someone else money to live with no added benefit. With all of the lower rates and benefits now existingto the first time homeowner, you can probably spend the same amountper month as your rent but instead you will have your own property.