First time buyers program expires Dec 1st 2009

There can't be a better time than 2009 for investing in buying a property. Every individual looks for an ideal situation to buy his/her home. Particularly, first time buyers wait for the right time in the real estate market to take the final call about buying a house. A buyer has to think several times before buying a house. The main concern of a buyer is always the economic condition. But considering the current economic scenario prevailing in the global market this is the right time to buy a property.

Real estate gurus are hailing 2009 as the 'buyers market'. This is because the interest rates have plunged considerably low and home prices are highly affordable for home buyers. First time home buyers therefore should hurry up to make the most of the situation and buy a home before buyers program expires on December 1, 2009.

Over the past few months the global real estate market has shifted remarkably from its usual position. In the past the real estate market was mainly dominated by sellers, but global liquidity crunch has given the opportunity to buyers to take advantage of the situation.

It is amazing to find that the current situation is forcing the sellers to pay for the buyer's home inspection costs. Sellers are even paying for decorating stipends, closing costs, home improvements and HOA dues.

National Association of Realtors (NAR) has stated that the index for housing affordability in December, 2009 is better than any other time. This affordability index calculates mortgage interest rates, family income and home prices. A recent study has revealed that the home prices will gain stability by 2009. Therefore for buyers nothing can be a better time to buy a property than before December 1, 2009.

Real estate slowdown has resulted in piling of completely furnished homes in the market for a longer period of time, resulting in dip in home prices. Due to large inventory, buyers will get maximum opportunity to choose from affordable houses before buying. So before more and more buyers start taking advantage of the condition and starts buying homes and the price again starts soaring, the smart move will be to buy a home as early as possible.

On the other hand, unable to find buyers, big and reputed home builders are giving special discounts to attract buyers. These builders are going for price reductions or complimentary upgrades. They are also offering various perks in the form of free appliances, decoration allowances and even paying HOA fees. Buyers should be prompt to grab these perks, because once the inventory starts to shrink, the builders will take away the perks.

Home buyers at this moment will find mortgage rates at a historic low. As a result of this, mortgage lenders are lending very easily without going into additional hassles compared to what they used to do before. It will be a mistake if buyers don't take this as a golden opportunity since the mortgage rates are hovering at nearly 5% mark.

Therefore home buyers hurry up and don't waste time thinking what to do next. So prepare your legal documents and search for your desired neighborhood and contact an experienced real estate broker to buy the home of your choice before December 1, 2009.

Start your search for Charleston Real Estate right here!

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