Opportunity Knocks for Home Buyers

For those who are wondering if now is a good time to buy a home, the answer is simple:

Yes. It’s a GREAT time to buy.

Today’s market, coupled with a tax credit of up to $8,000 for first-time home buyers, near-record low mortgage interest rates and excellent home selections, provides an unprecedented window of opportunity for qualified prospective home buyers. In fact, there may never be another buyer’s market as good as today’s.

Local Growth

In the Capital Region, the market appears to have bottomed out, and in many areas, slight increases in selling prices are already appearing. Even the most conservative projections show growth towards the end of the year in most communities. With the strong growth in R&D and technology projected through 2012, definite increases in the numbers of units to be sold and their corresponding prices are to be expected.

8,000 more reasons

In landmark economic stimulus legislation, Congress has provided an outstanding opportunity for first-time home buyers with enactment of an $8,000 tax credit for single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000. Partial credits of less than $8,000 are available for individual taxpayers with incomes up to $95,000 and for married taxpayers with incomes up to $170,000. But time is of the essence to take advantage of this once-in-a-lifetime opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible for the tax credit.

Great Selection

An outstanding selection of homes is another reason that it’s a good time to buy. Available inventory is probably the best it will ever be, providing buyers with a great choice of homes. Many builders have homes that are “move-in ready,” and they may offer upgrades or other incentives to seal the deal. Likewise, owners of existing homes who are looking to trade up, downsize or relocate are either pricing their homes realistically or are ready to bargain.

Attractive Pricing

If there’s a silver lining to the housing downturn, it’s that homes are more affordable. Prices have moderated significantly in many areas, especially in major markets where they increased the most during the boom that occurred in many parts of the country. In other areas, prices may not have declined as much, but for the most part, they didn’t rise as high or as fast as prices in the hottest markets. For more information on what is going on in the Capital Region, keep reading.

Low Interest Rates

Mortgage interest rates are very low. And even though lenders are looking more closely at borrowers than in recent years, qualified home buyers do not have trouble getting financing. For several years, mortgage rates have been near record lows. But rates can, and do, change. No one is predicting that rates will suddenly surge upward. But rates don’t have to increase much for monthly mortgage payments to become unaffordable.

Greener and Better

With energy costs near the top of consumer concerns, it’s good to know that new homes today are more energy and resource efficient than ever before. Through the use of new materials and construction techniques, today’s homes are built twice as energy efficient as new homes a generation ago, making them more affordable to own and operate.

It’s GREAT to be Different…..

The Capital Region has escaped the vast majority of the housing turmoil across the country. Our region’s stability defies all national housing and employment trends with Sematech’s expansion, 500 new jobs from GE, biotech research and the reality of The Foundry Company locating here making high tech AMD microchips. These continue to propel the success of the region on the national stage. People are taking note. New York’s Capital Region is one of the few areas in the state in which the population is increasing.

When you combine all this with excellent universities, expansion in the service sector, a stable real estate market, our low cost of living and our proximity to New York City, Boston and Washington D.C. you’ll understand why the Capital Region is the right place to invest in your future.