The clock is ticking on the time left to take advantage of your first time homebuyer tax credit!
I have had many young buyers ask me if I really think now is the right time for them to purchase a home. The answer is YES and not only because I would love to help them. I would say yes to these young people even if I wasn’t involved in the real estate industry and this is why:
#1- The tax credit. I had a buyer purchase a home in Springfield, MA, file an amended tax return and get her $8,000 within two weeks after closing!
#2- Home prices. It seems to be unanimous that home values have tabled in the Western Massachusetts area. Buyers can enjoy the benefit of the 5-9% deflation in home values since 2005. Values have tabled and are expected to start gaining in certain areas.
#3- Interest rates. While they have been fluctuating over the past few weeks, an FHA mortgage remains a great option for almost all first time homebuyers.
For more information on buying your first home see my series of informational videos that cover the process from shopping to inspections and beyond. If you have questions about the tax credit, buying your first home or real estate in general, please feel free to contact me anytime!
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