Why Buy After the Homebuyer Tax Credit?
Wondering why you should buy a new home after the expiration of the home buyer tax credit?
We can tell you.
Even though the home buyer tax credit expired on April 30, according to the National Association of Home Builders (NAHB), there may never be a better time to buy a home than today. Many outstanding opportunities still exist for home buyers, but they may not be around forever.
Besides mortgage interest rates that have been hovering at near-record lows, homes in many markets have become more affordable. Prices have moderated from the highs of the housing boom that occurred in most of the country, especially in major markets where they had increased significantly.
Today's new homes, like those built by Central Florida home builder, Highland Homes, are also built to be much more energy efficient than homes constructed a generation ago, making them more affordable to operate. New homes are designed to support modern lifestyles with open floorplans, flexible spaces, improved safety features, and low-maintenance materials.
Consumers who are thinking about buying a home should not count on interest rates or prices staying at current levels, however. Mortgage rates are sensitive to market conditions, and even a slight increase can push monthly payments beyond a family's budget. As the country recovers from the recession and people stabilize their financial situations, NAHB economists expect that home prices will begin to increase by 2011.
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