MyVegasRealEstateBlog

Reason 1:
It′s a buyer′s market.

It may sound strange, but a downturn in the housing market is actually positive for buyers. Right now, it′s a buyer′s market—and that means you can get more for your money. Some experts have called current affordability the best in years, especially with attractive interest rates and a variety of loan programs.

If you′re thinking about waiting until the market improves, consider this: waiting could mean missing out on the great opportunities available right now. There′s only one way to take advantage of a buyer′s market—and that′s to buy!

Reason 2: History is on your side.

The homebuilding industry is cyclical. Instead of looking at short-term dips and rises, focus on the bigger picture. Historically, long-term home values have increased substantially despite short-term market fluctuations. The last housing downturn occurred in the late 1980s and early 1990s. New home sales began recovering in 1992 and continued growing until the next peak in 2005.

So what does this mean for you? It′s a sound reminder to think about your long-term goals. This may be an ideal time to ″buy low″.

Reason 3: Attractive new financing opportunities.

Not only are interest rates attractive, there are a variety of loan programs geared toward current needs. For example, temporary changes were made to FHA loans earlier this year, which increased the loan amount that homebuyers could potentially borrow. If you′re shopping in a market where homes were previously above the FHA loan limit, you may now be able to obtain an FHA loan.

Reason 4: Potential tax savings.

If you′re a renter, you′ve probably heard about the tax savings homeownership can offer. Taking advantage of those savings is not as complicated as it sounds

Additionally, The Housing and Economic Recovery Act of 2008 provides several reforms designed to help offer homeownership assistance, including a new $7,500 tax incentive.

Reason 5: Life doesn′t wait.

Think about the reasons you′re shopping for a new home. Is it because you want a little more space? A location closer to family or work? Or maybe you just want a change of scenery! Whatever your reasons, chances are they have less to do with the market and more to do with your lifestyle needs.

Remember, life doesn′t stop just because the housing market experiences challenges. Dreams can be reality, so why wait to start making them come true?