Saint Clair Homes

Fear of overpaying for property is common these days. Below are a few reasons why waiting might not be such a good idea:

• Waiting for the right time can be expensive. Some buyers would have more equity today, despite falling prices, if they had bought when they were first considering it, instead of continuing to pay rent.
• Financing is fickle. Some people who were highly qualified last year can’t find financing this year because the credit market has tightened on their personal financial situation. This now makes them an undesirable borrower.
• Interest rates are headed up. If prices decline by another 10 percent, but interest rates increase by 1 percentage point, the monthly payment will be the same.
• Also, in order for a first time home buyer to qualify for the $8000.00 tax credit, they must close on their new home by November 30, 2009.

Source: The Wall Street Journal, Douglas Heddings (07/27/2009)