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Preparing To Buy Your First Home |
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Written by Doug Beecher, MBA, CPA
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 This is a great time to buy your first home, if you have prepared to do so. In many places, home prices are now 50% below what they were just two years ago. The federal government is offering $8,000 refundable tax credits (read “cash in your pocket”) for qualified first-time home buyers, and many states are offering additional incentives on top of that. It is tougher to qualify for a mortgage loan now, but those who can often buy a home for a lower monthly payment than rental on the same property. However, one of the reasons is it such a good time to buy is precisely because it is such a hard time to sell – so if you aren’t sure you will be staying in your home for a minimum of two years, and preferably at least five years, you probably aren’t ready to buy yet.
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