Thinking about purchasing a new home? There's no doubt that there has never been a better time than now to purchase a home, despite the current economic troubles being faced around the world. In other words, we are currently in the midst of what is referred to as a "buyer's market," so you can truly cash in on some amazing deals if you have the financial means.
Roping in Those Low Prices
While every market is different and some housing markets are suffering more than others, the reality is that prices are down in each market around the nation. In some cases, you can literally save tens of thousands of dollars on properties when compared to the prices they were going for just last year. For this reason, many investors are purchasing homes at these ultra-low prices in anticipation of the economic upswing that is sure to occur. Though you may not be primarily looking for an investment property, it is certainly comforting to know that you can now purchase a home at a great price and can be almost certain its value will increase significantly over the future.
Enjoying First Time Home Buyer Credit
In addition to saving thousands of dollars on the price of your home, the Stimulus Package that was passed on February 17 also contained a tax credit provision for first time home purchasers. Unlike the tax credit that had been enacted in 2008, this credit does not have to repaid and you can receive up to $8,000 in credit. The exact amount of credit you receive will vary according to the cost of the home, as the credit is determined by calculating 10% of the home's purchase price.
In order to be eligible for the new credit, you must meet certain income restrictions and you have to be purchasing your first property. Individuals must makef $75,000 or less to qualify, and married couples must have a combined income of $150,000 or less in order to qualify for the credit.
While now may not be the time to buy when having financial difficulties or when planning to move in the very near future, those who are financially prepared for home ownership will certainly want to take advantage of today's market and tax incentives.
Roping in Those Low Prices
While every market is different and some housing markets are suffering more than others, the reality is that prices are down in each market around the nation. In some cases, you can literally save tens of thousands of dollars on properties when compared to the prices they were going for just last year. For this reason, many investors are purchasing homes at these ultra-low prices in anticipation of the economic upswing that is sure to occur. Though you may not be primarily looking for an investment property, it is certainly comforting to know that you can now purchase a home at a great price and can be almost certain its value will increase significantly over the future.
Enjoying First Time Home Buyer Credit
In addition to saving thousands of dollars on the price of your home, the Stimulus Package that was passed on February 17 also contained a tax credit provision for first time home purchasers. Unlike the tax credit that had been enacted in 2008, this credit does not have to repaid and you can receive up to $8,000 in credit. The exact amount of credit you receive will vary according to the cost of the home, as the credit is determined by calculating 10% of the home's purchase price.
In order to be eligible for the new credit, you must meet certain income restrictions and you have to be purchasing your first property. Individuals must makef $75,000 or less to qualify, and married couples must have a combined income of $150,000 or less in order to qualify for the credit.
While now may not be the time to buy when having financial difficulties or when planning to move in the very near future, those who are financially prepared for home ownership will certainly want to take advantage of today's market and tax incentives.
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Find out about Buying A Home? Go to at EricBramlett.com for listings on River Place Homes in Austin, TX.
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