Auburn Alabama Area Real Estate Living

If you find that you can afford to purchase a home while the housing market continues its downward shift, there are some excellent benefits for your investment, especially if you are a first-time homebuyer.

1. Per square foot, home prices have dramatically decreased in the past 24 months.

2. A large crop of inventory has created a high probability for you to find the créme de la crop!

3. Interest rates are considered "historic" as they haven't been this low in decades.

4. First-time homebuyers (or those who haven't owned a home in at least 3 years) are most eligible to qualify for the $8000 tax credit, if home is purchased before November 30, 2009. (Find out more)

Breaking News Update: While there was a plan brewing as late as last week to allow first time home buyers to use the $8,000 federal income tax credit for down payment, HUD reversed their decision and have closed the door on this option. One concern had been the similarity this seemed to have to ‘seller-funded down payment assistance.' And it could have been viewed as debt rather than credit, so NO !

5. Homeowners are able to take advantage of significant tax deductions, while building equity and household wealth.  With the abundance of homes for sale in a downturned market, a good strategy to consider would be to scale back and revise the picture of your DREAM home...maybe something smaller or something you can gradually upgrade. There a lot of new construction, smaller homes , where builders have included some of the nicer building materials and extras that are traditionally expected in higher-priced homes. It's worth checking out the lower price ranges, even if, right now, you can afford more.  

Rent costs, along with the costs of living, don't seem to diminish with the housing market prices. If you are a renter, it would be worth finding out the facts and learn what it would take to take the leap into home ownership.  2009 is a really great year to become a homeowner!

For a free consultation or to learn how you can plan to frame up your financial picture for a HOME purchase in Alabama, contact Emily White at Realty South Mortgage.

© Copyright 2009 - This posting and the contents written here, except where noted, are the property of Mara Hawks, All Rights Reserved

Active in Alabama, Mara Hawks, REALTOR with FIRST REALTY of Auburn, AL, #1 Real Estate Team in Lee County, THE LEADER in professional real estate services in Auburn, Opelika & Lee County for over 3 decades! Committed to INTEGRITY, KNOWLEDGE & SERVICE.

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Disclaimer: All information provided by this author is is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.