To quote The New York Times (Dec. 5, 2008) ” … everyone who sat on their down payment savings accounts for a few years too long will kick themselves for not taking advantage of what may turn out to be the buying opportunity of a lifetime for those who can qualify for a mortgage.” Why is now such an opportune time? Consider these points:
· Housing prices have dropped considerably from their peak levels.
· Mortgage Rates for 30-year fixed-rate mortgages are lower now and the federal government may encourage a drop to around 4.5%.
· First-time Homebuyers have nothing to sell.
· If you are short on a down-payment, FHA mortgages are available (at a higher interest rate).
· $7500 Federal Tax Credit for First-Time Homebuyers (an interest free loan) available only until July 1, 2009 for eligible taxpayers who meet the income guideline.
· Over the long-term, real estate continues to be a great investment. And it’s yours.
There’s lots of good information in the full article at The New York Times.. Find more information for Buyers on My Website and Search for All Homes on the LI MLS. Contact Cheryl by email: firstname.lastname@example.org or 631-493-0542 to arrange a personal consultation on buying a home. We do offer Buyer Agency if you choose to have a broker represent you in a sales transaction. Cheryl’s Team specializes in Dix Hills, Melville, all of The Town of Huntington – including Huntington, South Huntington, Elwood, Greenlawn, Centerport, Northport, Huntington Station, East Northport and Commack areas. We do handle other areas of Long Island also.