While the Tax Incentives for Home Purchasers provided an important boost to the housing industry, they no longer exist. However, it is still an exceptionally good time to purchase a home.
Home prices are presently at lows that have not been seen for years, and the general consensus among those in the industry is that the market has bottomed out. Prices are not anticipated to take a jump upward; rather, they will probably skim along at or close to the bottom, probably into next year. They will probably go up a bit in some areas and down a bit in others. These mild movements in price should not interfere with the housing choices that prospective buyers will have in their search for properties.
Interest rates are still at historic lows, and are steadily holding at 5 percent or less. This could save home purchasers a great deal of money over the length of the mortgage. This alone may encourage buyers to get into the market.
There are quite a few additional tax advantages that are available to buyers, including property taxes and interest payments and insurance costs on mortgages. Tax credits and rebates are available for various environmental upgrades as well as the purchase of appliances that are energy efficient. Buyers may go to www.irs.gov for information or speak with with a tax professional.
