While the current economic forecast is looking stormy and tumultuous for many people across the nation at present, it may in fact be an ideal time for a great many people to buy their first home. Even with the current recession still making big waves for many people, the combination of factors at work in the real estate market at present can mean some very good opportunities for a big group of prospective buyers. Right now, homes are at record low prices all across the country, especially compared to the housing prices that were prevalent during the housing boom. With the continuation of the foreclosure trends that we’ve been seeing for over a year, many homes are priced far below the levels that they had been at even just a few years ago. As well, in many places across the country there is a large amount of stock on the market due to the foreclosure trend so there are quite a few properties to choose from in all of the price brackets. Another draw for first time home buyers is the extension of the First Time Home Buyer’s Tax Credit that the government has decided to extend until the end of April and opened up to a wider range of buyers as well. This tax incentive can help you make your way into a new home that you might not otherwise be able to manage. While the government was good enough to extend the credit until the spring, home buyers would be wise to take advantage of it now and not wait until the frantic dash at the end to have their sale close like we saw in the early fall. As well, for home buyers who are looking to get a mortgage on a new home, interest rates are exceptionally low this quarter and can help result in some ideal mortgage rates for many buyers, particularly if you have good credit. Lower interest rates can make for some very manageable mortgage payments for home buyers. All in all, if you are in a position where you and your family feel that you have some employment stability and can make the commitment to a mortgage then this is really an ideal time to buy real estate. It is likely that we will not see a combination of factors that are so conducive to reasonable real estate pricesâ€"especially for first time buyersâ€"for years to come, if ever again.
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