Five more of the Top Ten for 2010 - Top Ten Reasons to buy a house- NOW (Part II)

Posted: January 18th, 2010

My last post illustrated the tried and true reasons to buy real estate now. For the most part, all of those reasons were norms we’ve always known about real estate. But today, there are different reasons to act now. There’s a timer on some of the following reasons – some of these will disappear soon, as soon as April 30, 2010! So tick tock.

Here we go, 5 more reasons (in no particular order) to buy real estate today:

Home Buyer Tax Credits -You’ve heard lots about this, but it is a good reason to get on the bandwagon and buy a home. The tax credit applies to purchases that occur before April 30, 2010, or where a binding contract is signed before that date and the transaction is completed by June 30, 2010. Currently, the government is offering two programs. An $8,000 First-Time Home Buyer Tax Credit and a $6500 Move up/Repeat home Buyer Tax Credit – quick overview. More FAQ’s about the Home Buyer Tax Credits can be found here.

The Energy Efficiency Tax Credits- FEDERAL—The Existing Home Retrofit Tax Credit, Tax Code Section 25C is available to homeowners and credits 30% of the cost up to a $1,500 lifetime limit are available for projects completed in 2010.

Local and regional funding is available for Energy Efficiency programs LOCAL– Sonoma County’s Energy Independence Program is a new opportunity for property owners to finance energy efficiency, water efficiency and renewable energy improvements through a voluntary assessment. These assessments will be attached to the property, not the owner and will be paid back through the property tax system over time, making the program not only energy efficient but also affordable. I’ll bet there are lots of ways for you to capitalize on energy credits while you live in your home. If you are still renting, it’s time. Buy a home, get tax credits! Check out what is available to you with a quick Google search.

Time’s A Wastin’—Act Now. Foreclosures, Short Sales, just ‘get me out of this house now’ sales. There are so many reasons prices are low. The market seems to be correcting, so don’t wait. Get approved for a loan, find a great realtor, and start shopping! There’s tons of information out there. Get someone to help you or just help yourself. Go on, do it. Time’s a wastin’!

Control over your environment– Owning your home offers other advantages as well. Not only can you change your home to meet your needs, but you also are not subject to the terms of a lease or a landlord’s whims. As a homeowner, you can experience the emotional and financial security that comes from knowing what your housing expenses will be from year to year for the most part. Unlike rents, which can increase annually, most mortgages have fixed or capped monthly payments. So, as a homeowner, you can have a much better idea of what proportion of your paycheck goes toward your home. Think of it as the ultimate savings plan. If you are still trying to decide if you want to rent or buy, this calculator, designed by Michael Bluejay may be the best tool I’ve found for that. Have fun.