Bottoms of real estate markets never announce themselves. Experts usually determine the exact bottom long after the market has rebounded. My prediction is that the experts will look back on the present time period as the best time to have purchased a home. This is likely the ideal short-term window of opportunity to get the best deal in this down cycle of the housing market.
In addition to the Federal Tax Credit of $8000, there has recently been two Georgia tax incentives for home buyers:
· $1800 Georgia Home Buyer Credit: it is available for the purchase of a single family residence between 6-01-09 and 11-30-09.
· Georgia Dream NSP $14000 Program: this incentive can be used towards down payment and repairs with purchase of a Georgia foreclosed property. Funds are dispersed in the form of a second mortgage lien with no interest and no monthly payments. You don’t have to be a first time home buyer and you can combine this incentive with the $8000 incentive!
Remember that the entire housing market is on sale right now. The houses that are most deeply discounted are foreclosed and short sale homes. However, buyers interested in value should still focus on Location, School District, Quality of Construction, and Design & Functionality.
If the house is being bought for investment purposes, the price point of the house is far more important. Look for lower priced homes that will appeal to a broad rental market. Don't sit on the fence; now is the time to move!
Professionalism has a new name: SHERRIL
Thursday, June 11, 2009
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