According to an article on Yahoo! Real Estate, First Time Home Buyers in Temecula and Riverside County should join other first time home buyers across the country and wait to buy their first home.
First Time Home Buyers shouldn't wait
“Mortgage interest rates are at a 50-year low. Last month, Congress extended a tax credit for home buyers through April. The economy is beginning to crawl out of what by some measures is the deepest recession since the 1930s. One survey already shows house prices beginning to rise.”
All the leading indicators, say now is a great time for first time home buyers to get serious about buying their first home, but, Steven Goldberg at Kiplingers think it’s better to wait.
Sorry, Steven you’re wrong and here are a few reasons why:
- The first time home buyer tax credit expires on June 30, 2010. That’s $8000 a first time home buyer will be leaving on the table. A first time home buyer has to have an executed contract by April 30, 2010 to qualify. To read more on the $8000 first time home buyer tax credit, Click here
- The Federal Reserve mortgage purchase program is scheduled to end in March 2010. If that happens interest rates are predicted to rise as much as 1%. Which means a payment increase of $126/mo on a $200,000 loan for a first time home buyer.
- Legislation has been introduced that would increase the minimum required down payment for FHA loans from 3.5% to 5%. That means an increase of $3000 on a $200,000 home. How many first time home buyers will be able to save that much more money? Read More
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To read the complete Yahoo! article, click here
Tags: $8000 first time homebuyers tax credit, $8000 tax credit for first time homebuyers, temecula first time home buyer
Can you recommend a good website for Short Sale leads?
I just Googled “purchase short sale leads” and there are more than 13 million pages. Unless you are in California, your local title company should be able to get you NODs and Notice of Sales. Lots of people are buying and leads and from what I have seen they almost all have the same message.
If you decide to buy leads, make sure you have a message that stands out. If you email me, I will send you a link to a video I saw this morning that might give you some ideas.