If you are a first-time homebuyer or a homeowner looking to move up or possibly downsize from your current home, the next two months may be the best chance for you to make the move! The government is still offering the $8,000 tax credit for first-time homebuyers through April 30, 2010. You don't need to have closed by then, just be under contract. If you've owned your home for at least five of the last eight years, you too are eligible for a $6,500 tax credit, courtesy of the Federal government if you go under contract by April 30, 2010. There is no requirement that you even sell your current home, just that you are purchasing a new primary residence.
Another reason to act sooner rather than later, is that interest rates continue to hover at historically low levels. Rates are still below 5.0% for 30 year fixed loans. However, the Federal Reserve is planning on eliminating it's program of purchasing mortgage-backed securities at the end of this month. If that happens rates will go up and most likely quickly. It is anticipated that they will be back around 6.0% before you know it.
Home prices are also still low, but have remained steady over the last year. Recent trends for the Denver home market show that prices are set to start inching back up. The rallying cry for investors has always been, "Buy Low - Sell High". If you want to get into the Denver Metro home buying market, now is the time to act. All signals point to higher interest rates and higher prices. Get in now while you can, while the buying is good! There are plenty of homes out there to choose from, so take advantage of this great home buying market. Let the real estate agents of Sterling Real Estate Group help you say, Welcome Home!