VALUABLE INFORMATION FOR HOME BUYERS AND SELLERS

By
Services for Real Estate Pros with Weichert, Realtors

Buying a home is one of the biggest decisions an individual can make, so it is understandable that someone considering a home purchase may take their time to avoid rushing into such a large financial commitment. However, several factors might leave prospective homebuyers who don't purchase a property now wishing they had taken action sooner.

According to James M. Weichert, president and founder of Weichert, Realtors, these are three reasons why those who are not under contract to purchase a new home by April 30 might regret it:

No money from Uncle Sam. First-time buyers who aren't under contract by April 30 will leave the $8,000 tax credit that is available to them on the table. Repeat buyers will miss out on the opportunity to collect up to $6,500 from the government.

Interest rates might rise. The government will soon put an end to its efforts to keep mortgage rates at historic lows, and it is expected that rates will rise. When they do, monthly mortgage payments will be higher for those who wait.

Homes may be less affordable. Home price affordability is at its most optimal level in decades. Those who wait to buy will likely pay more for the home they purchase than what that same home would cost now, meaning not only a higher price, but less appreciation.

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Topic:
Home Buying
Location:
Pennsylvania Delaware County Media
Groups:
Active Rain Newbies
Realtors®
Weichert Realtors
Tags:
home buying
home selling
real estate
tax credits
homes
houses

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