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If you are a first-time home buyer who has been looking for the perfect opportunity to buy a new home, then the time is now. The current real estate market is perfect for everything from buying a new home to investing in the real estate market, which is why first-time home buyers and investors have been going head to head and competing for the best real estate on the market.
Why, exactly, is now a great time for first time home buyers to purchase a new home? From incredible deals on foreclosure and short sales to low interest rates and a projection for rising home prices in the future, now is the perfect real estate market for first-time home buyers.
Short Sales and Bank-Owned Homes
If you are a first-time home buyer looking to buy a new home in the current real estate market then you are more than likely looking for the best deals possible. Fortunately, with the number of foreclosures and short sales on the market, you can find discounted properties that are well below market value, which essentially allows for a lower monthly mortgage payment.
In fact, with the tax break on short sales that allows struggling homeowners to avoid paying federal taxes on their unpaid mortgages set to expire December 31, there are a ton of short sale properties currently on the market. Therefore, if you are in the market to buy your first home then start looking today, especially if you are interested in short sales and other distressed properties.
Plus, with mortgage rates still remaining incredibly low, there is nothing better than for a first-time home buyer to be able to purchase a home below market value and secure an incredibly low mortgage rate. This is the perfect recipe for a low monthly mortgage payment.
Rising Home Prices
Some people may be wondering “Why now?” The simple answer to that question essentially revolves around one thing: home prices. Home prices have already started to rise as the real estate market makes progress toward recovery; however, predictions for 2013 include home prices continuing to increase as the real estate market strengthens. Therefore, if you are looking to buy a new home for a discounted price, then do so now before home prices rise.
In conclusion, with the high number of distressed properties (including short sales and foreclosures) still on the market and low home prices (coupled with low mortgage rates), now is the perfect time for first-time home buyers to obtain a new home for well below market value and secure a lower mortgage payment. So, if you are a first time home buyer, start your search for your dream home today!