Five Reasons Why You Absolutely Need to Buy Your First Home in 2009

The American economy may be in bad shape right now and many people lost their jobs. But there is a silver lining in all this gloom and doom. Home ownership is more affordable than ever. Let’s face it, the prices of homes have dropped, interest rates are at all time lows and the government created new incentives for you to buy your first home.

Sure, there have always been benefits to owning a home. You get to take the interest you pay on the mortgage and deduct it from taxes, you can also build up home equity by paying off the balance on the mortgage more quickly, and usually you’ll find the home value goes up. Well, here are some of the top reasons that 2009 is the time to purchase your very first home.

Reason #1 – Prices Have Dropped – You’ll find that the average price of purchasing a home is down about 20% because of the crisis and in some areas that drop is even higher. When you purchase in 2009, you’ll find this is a great way to invest your money. More than likely the housing market is at the bottom and the value of home is going to start going up. When you purchase now, in the next few years you will probably be able to sell and make a nice profit on the home you purchase now.

2. For those purchasing a home for the very first time, a special tax credit is available from the government. Up to $8000 is available for those purchasing their first home in 2009, but it has to be done before December 1st. This incentive will not have to be paid back to the government at any time. The incentive was given to help give the economy a boost, since it heavily depends on the housing market.

3. Even if you don’t have a lot of money for a downpayment, it is still possible to purchase a home right now. There are many great Columbus Loans available that only require a small percentage down on the home. Veterans don’t even have to give a down payment in order to purchase a new home.

Reason #4 – Companies Want to Lend – Believe it or not, you’ll find that the mortgage companies out there really want to lend. Since the interest rates are low, you can afford a nice home. Banks want to find buyers that are qualified, so you will need to have a good credit score. You will also have to show you can afford to make the downpayment on the home as well.

Reason #5 – Many Government and Bank Owned Homes Available – There are many of these homes out there and you can get excellent discounts on them. In fact, some of the new homes owned by the government can be purchased for a price that is far below the actual value. Usually there are few repairs that need to be made as well.

Today is a great time to be purchasing a home. Already there are many homes that are selling. It’s a great time to take advantage of the prices and low interest rates before the market starts to turn around. Even if you can’t get a bank loan, you may be able to get financing from the seller to get these benefits. Purchasing a home for the first time in 2009 is a great idea and a wonderful investment to make.

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