First Time Buyers - A Bigger Concern than the $8,000.00 Tax Credit!

First Time Buyers

There has been a lot of debate about the $8,000.00 Tax Credit for First Time Home Buyers. Should we keep it? Does it create home sales? Are we borrowing against future sales? Is it causing price increases?

However, right now there is something that should motivate everyone to buy a home as soon as possible. In 2010 the Bush Tax Cuts Expire. Why should this be a big concern? Because it will effect every tax payer in the country and it will make it harder to save for a home.

But if you get into a home now the tax deduction for Mortgage Interest and Property Taxes may actually save you enough money to make ownership more affordable than renting. The other consideration is that interest rates are still low but will probably start to go up at some point soon.

So if you want to save money now is the time to buy that new home.