Kelly Thompson

The $8000 first time home buyer tax credit ends soon and a lot of buyers worry they might get left in the cold. Even though this great program comes to an end November 30, 2009 I am here to tell you there are several other reasons to get out there and buy!

The tax credit is obviously a huge bonus but buyers are overlooking the current market condition which is just as exciting as the $8000 credit. Interest rates have reached an all time low and continue to dip under 5% for 30 year fixed loans. During the mid 1980's interest rates reached a high of 15.5%. It is only a matter of time before rates begin creeping back up and it is in any buyer's best interest to buy now if they are in a good financial position.

Another major factor a buyer over looks is that we are in a true buyers market. We have been in a seller's market for well over 10 years. Buyers are no longer being forced to compete in bidding wars and pay the highest dollar for a property. Buyers are able to get into a home for a very reasonable value and almost always get some closing cost assistance from the seller. This buyer's market is truly best for the first time home buyer because they have nothing to sell and sellers are more likely to give a non-contingent buyer a good deal over a contingent buyer with a home to sell.

One of the more important reasons to buy now is because the market is flooded with inventory and home builders are chomping at the bit to get homes under construction. When we were in a seller's market there were few choices and several buyers got stuck with a home that wasn't exactly what they we're looking for and even had to pay top dollar!

Now you can be picky. Take your time and find the home that really fits your wants and needs. The best part is you won't be paying the highest price for your dream home either! So even if you miss the date for the first time home buyer tax credit, don't feel like your missing out. There are so many good reasons to buy and now is the time!