The Seattle Times had a great report this weekend on the advantages of buying for first time home buyers. The market conditions are perfect in Seattle for a first time buyer to get a great deal on a home.
- Interest Rates are Historically low
- Mortgage payments will therefore be more affordable
- Lower payments make it easier for a buyer to qualify for a mortgage
- Income Tax Credit of $8,000 is available to first time buyers
- Prices in Seattle and King County are down a bit, and it's still a buyer's market to negotiate
- The job market and real estate market in Seattle are still among the strongest in the country
If a buyer is waiting for the right time, it may make sense to jump off the fence now. No one can predict where prices will be next year, but historically, we know these rates probably won't be lower any time soon. An increase of 1% in interest rates can erase a 15% savings on price in today's market. The $8,000 tax credit is only good through November 30 of this year. If it's a good investment, an affordable payment, and fits your desired lifestyle, now is the time to buy.
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