It's a Good Time to be Your First Time
Hello everyone, and to those of you who are new to my blog, I’m Billy Ray Parson and I’m a Realtor with Lawson Real Estate in Jasper, Alabama. I assist both buyers and sellers with residential, commercial and investment property in the Northwest Alabama area.
I would like to offer a special welcome to those of you who will be first time home buyers. Regardless of the constant negativity you hear night after night in the media, this is truly an exciting time if you are in the market for your first home. As a matter of fact, I’m not sure I can ever remember when conditions have been more favorable for the first time home buyer.
First of all, home prices are at a five year low and we are in the midst of what is called a Buyer’s Market. This means, in the most simple terms, that there are currently more people wanting to sell their home than there are buyers wanting to purchase a home. This lack of demand in the housing market is causing rising inventory levels nationwide and this is the primary reason that we are seeing home prices drop. I won't go into too much detail or try to teach a lesson in economics, but the end result is, those who are buying now, are doing so at great prices.
Next, we can thank Congress and the recently passed Bailout Package for enacting a bigger and better Home Buyer Tax Credit. An unbeleivable and unheard of tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a home between January 1st and December 1st of 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.
Finally, Uncle Sam should be congratulated once again for keeping interest rates extremely low. The rate you get will be determined by your lender but they look at several factors such as your credit history, the amount of your down payment, and the length of your loan. But just to give you an example, one of my clients refinanced her home last month and secured a fixed rate of 4.8%. Now that’s a great interest rate, and even without considering the low home prices or the huge tax credit, it is enough in itself to save a new home owner hundreds, if not thousands of dollars per year.
I think it's now easy to see why I am so excited for first time home buyers and I would be honored to assist anyone in the Northwest Alabama area with their search for a new home. Feel free to visit my website at http://www.billyrayparson.com for a great place to begin your search and view thousands of homes, take virtual tours, and learn all about the buying process. Just email me at billyrparson@aol.com or give me a call at 205-275-4005 with any questions or comments. Until next time, good luck in your quest for......Gaining Ground.