Mar 10, 2010

Is it time to make your move?

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According to CNNMoney.com, it’s time to nab a real estate deal, while you still can.  Home prices have dropped, mortgages have hit an historic low and the tax credit is in effect until April 30th.  So how do you know if it’s time to make your move?

Ask yourself:  Do I qualify for the tax credit?  How much could I lose by waiting? How quickly can I sell my current home?

Tax Credit:  Sign a contract before April 30th and receive a dollar-for-dollar reduction on your taxes of 10% of the purchase price of the home, up to $6,500 or $8,000 for a 1st time buyer.  Keep in mind that the average home buyer take about 12 weeks to complete their search, so the clock is ticking.  The tax credit also indicates that you have until June 30th to close on your property, so that’s good news!

Waiting:  If you wait to buy you could miss out on the tax credit and mortgage rates could increase.  Rates are expected to increase up to 1% if the Fed stops buying mortgage backed securities at the end of March.  To make an educated decision on your purchase, research your local market to see if prices are continuing to drop or becoming steady.  A real estate agent is the perfect source for this information.

Selling your house:  After getting a handle on the market, price aggressively to make your home more appealing to buyers.  Ask an local real estate agent to give you a realistic figure and determine if you are willing to part with your home at that price.

It might be time to make your move if you fit the criteria above.

Read the full article on CNNMoney.com.

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