To buy or not to buy? – the 2nd wave of the stimulus package for 1st-time home buyers 
It’s been an interesting experience working through the mad rush trying to find a home and get qualified in time to meet the deadline to qualify for the $8,000 stimulus refund. Now that the deadline is extended, the rush is back on. I love working with 1st-time home buyers, but now may or may not be the time for you to buy.
Here are my personal guidelines I offer home buyers on whether or not NOW is a good time to purchase.
Interest rates are still low and attractive and the stimulus package is a great incentive. However, home purchases are not right for everybody.
Do buy now IF:
- You have a steady job and believe it to be immune from lay-offs or down-sizing
- Your mortgage payment, including property taxes and homeowners insurance, does not exceed what you are currently paying in rent and rental insurance
Do NOT buy now IF:
- Your job is less than secure
- You don’t intend to remain in your new home for several years
Also keep in mind that once you become a home-owner, YOU will be responsible for that leaky roof or broken hot water heater. The best home inspections will not uncover every home defect and you should have some money set aside for the unexpected.
To buy or not to buy? – the 2nd wave of the stimulus package for 1st-time home buyers
If you have questions about qualifying for the tax stimulus refund, please give me a call – my represtation to you is free. Contracts must be written by April 30, 2010 and closing must occur by June 30, 2010.
Here is more information and links about the tax credit extension and expansion.
Here is a blog post I wrote about how to buy and sell at the same time – for those of you thinking about down-sizing or upgrading existing homes.
Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area, including midtown Tulsa, downtown Tulsa, Broken Arrow, Owasso, Bixby, Sand Spring and Jenks, Oklahoma. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.
