Since Congress passed the American Recovery and Reinvestment Act, many have seized the opportunity offered by the $8,000 tax credit for first-time home buyers. When you factor in today's historically-low interest rates and housing affordability with the financial opportunities"It's hard to imagine a better time than right now to be a first-time buyer," said Jim Weichert, president and founder of Weichert, REALTORS. "Mortgage rates and home prices are all favorable. Recent economic news is encouraging and the government is providing a large financial incentive.
In addition to taking advantage of the tax credit, another reason for first-time buyers to consider making a purchase now are the recent signs of a stabilizing real estate market. Last week, NAR announced that home sales increased in 39 states in the second quarter of the year compared to the first. Last month, the S&P/Case-Shiller index showed an increase
Source: Weichert REALTORS
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