2010 is the time to purchase a new home
Why should you purchase a home in 2010?
One of the most popular questions we get asked is “why should I purchase a home in 2010?” It’s very pretty simple to answer as there are quite a lot of benefits to purchasing a home this year. The Government has created various incentives to purchasing a home, plus a lot of states have also offered extra benefits to help people purchase homes. 2010 is definitely the time to purchase a home, especially if you are a first time home owner. The reasons are numerous , but we have outlined a few that are the most important reasons to why you should purchase a home in 2010.
The Price Bottom has hit – In nearly all the regions in the U.S, a price bottom has occurred . This has been verified by RealTrac, CNN , Google Business Services , and Trulia . In the low end to medium markets , people trying to sell their homes are starting to see more than one offer on the table . In 2009 it was very rare to see multiple bids on a home, but now the tide has turned . Seeing a bottom will only result in home prices starting to increase in the beginning of November. So the time to purchase a home is now.
Less Foreclosures in 2010 – The federal Government has done a very good job at assisting people in staying in their homes. All the numbers indicate that foreclosures will be less in 2010, as this is backed by third party organizations . Loans are getting modified and more people are able to stay in their homes for longer durations . Some people are able to stay in their homes up to 44 months. President Obama and Congress have written many laws forcing mortgage companies to renegotiate loans with borrowers. This only helps to lessen foreclosures and keeps families in their homes.
Investors are back – 2010 might be coined the year that the investors came back. Investors have helped create a “sizzle solution” in the low end markets. In the Southeast (Florida , Texas ) there are been a large increase of foreign investors purchasing homes for resale. This is a direct affect of how many homes are currently on the market. Investors are fixing up these homes and reselling them to lower end markets that are affordable to prospective home buyers.
Mortgage Reform – The Government has passed many laws within the last 6 months making it better to own a home in 2010. State bills have also made it very hard for predatory lending practices to occur. Hefty fines and possible incarceration will result in what use to be business as normal. This only creates a better and safer buying process.
Home Owners loose less money – Even in a bad market of economic down-turn home owners still throw away less money than renters. In owning a home you are able to tap into tax incentives that you would be unable to do as a renter. The $8,000 New Home Buyers Credit (Expires April 30th) is just one example of a reason why to purchase in 2010. Plus many states including Arizona , Florida , Texas , among others, have state incentives to purchase a home in 2010.
It’s Yours – There is no better feeling than owning your own home. Let’s face it, “It’s the American Dream”. Renting an apartment is a nice feeling of entitlement, but you have to remember… it’s not yours. Owning a home has a feeling of freedom and self-worth. Plus over time if you continue to pay your mortgage, you will start to create equity for your home. After 10 years, you might have a nice stash of money just because you’re a home owner.
There are many other reasons to why purchasing a home in 2010 is a great idea. Home improvement and building shops all have lowered prices to try to convince buyers to buy homes. 2010 is definitely the time to buy, but make sure you’re not too late. In 2011 expect mortgage rates to go up, as fewer homes will be on the market! Plus right now there are various real estate marketing companies that will be more than happy to assist you in purchasing a new home.
