It was just a few years ago, that most first time buyers were totally shut out of the real estate market, due to the high demand for homes in the ever competitive seller’s market.
Times have certainly changed according to the National Association of Realtors. The ever increasing inventory of available homes is on the rise throughout the country.
There is also another incentive for a buyer to make that giant step of becoming a home owner at this time. The interest rates for single family homes are at an all time low, according to the National Association of Mortgage Bankers. There is also an incentive from the federal government, offering first time home buyer’s a one time tax credit of $8000. The best part of the tax credit, is that if the home owner cannot use the entire credit in the first year, the balance can be carried forward to future tax years.
So if you have been considering home ownership, this is the time to take action, before these benefits become history.