In the current real estate market, conditions have come together in such a way that makes this the perfect time to buy either a first home or one that is a move up. Those who would like to, and have the means to, purchase at this time should get off the fence, as an opportunity like this may not come along again for a very long time, if ever.
Some of the advantages to buying now include the soon-to-expire federal tax credit for home buyers, extremely low mortgage interest rates (I remember when rates hovered in the 19 to 20 percent range), and the record low price of homes.
Should first time purchasers wait past the expiration date of the tax incentives, which is April 30, they will walk away from eight thousand dollars, and the repeat purchasers will not be able to receive up to six thousand five hundred dollars from the incentive program.
Record low interest rates, fueled by the Federal Reserve's buying of mortgage backed securities, most likely will disappear as the economy begins to recover and the Fed discontinues these purchases. Should that happen, interest rates may increase considerably, which would mean that those who waited have a higher monthly mortgage payment.
Home prices are beginning to stabilize and even rise in some markets. Rather than getting a really good deal on their home purchase, those who wait to buy may well pay a higher price, experience less appreciation and get less home for their money.
