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Tax Credit Deadline is 90 Days Away: Is It the Right Time To Buy? August 31, 2009

Posted by Laura Schwartz in Arlington, First-Time Buyers, New Construction, Washington D.C..
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Inquiring minds want to know: you have 90 days to Find, Buy, and Settle on a property to qualify for Uncle Sam’s $8,000 gift, which really gives you about 45 days (max) to find a place. So…should you buy RIGHT NOW? Is it the right time?

Well, that depends. And that’s my official answer.

There are several factors that determine whether it may make financial sense to buy a house right now:

1) Do you plan on staying in the area or holding onto the property for at least 2-3 years?

2) Has the combination of prices and interest rates made your preferable housing “affordable”?

3) Are you sick of paying rent to pay someone else’s mortgage? (Ask me about how your mortgage payment compares to your rent….what’s deductible, and what’s not)

4) Are you ready to be a homeowner?

If your answer to the questions above were all “yes,” then maybe it’s time to see what you can get for your money. But if not, maybe it’s best to continue renting until you’re in a more ideal situation to buy. Nobody should be house-poor!

There are SO many reasons to move, but whatever YOUR reason is, it has to be RIGHT for YOU – and only you. I’m a good agent, but nobody can force you to buy something that’s not right for you, or when you’re not ready. Nobody’s that good, not even me 🙂

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