1.  Softened Prices Increase Home Affordability 

The most current survey, the Housing Affordability Index, from the National     Association of Realtors® shows housing is more affordable now than it has been in the last 70 years.

2.  Low Interes Rates

With interest rates lower than they have been in years it's a great time to lock in long-term fixed rates.  You will have the peace of mind knowing that you have made a wise financial decision taking advantage of historically low rates.  Once rates rise, you could potentially disqualify yourself from the home buying process.

3.  Large Inventory to Choose From

This is a "Buyer's Market". Combine low interest rates, plenty of inventory, and negotiable prices you will be able to select a home that exceeds your expectations.

4.  An $8000 Tax Credit Bonus

If you are a first time homebuyer (have not owned a home for the previous three years) and are making a purchase prior to December 1, 2009, you will receive a tax credit of up to $8000.  This tax credit is refundable....meaning if you had a tax liability of $2000 and received an $8000 tax credit, you will receive a $6000 check from the IRS.  It makes great sense to buy now and utilize this money for your closing costs.

5.  Mortgages May Cost More in the Future

Due to the mortgage meltdown, and risky loans that were provided, there could be potentially higher costs added to your mortgage, i.e. higher mortgage insurance premiums, and more closing costs making it difficult for you to qualify. Buy now while loan costs are still affordable.

6.  If you're Pre-Approved to Buy, Act Now

If you are employed, have an acceptable credit socre and have cash in the bank for a down payment, now is the time to buy.  Once you make loan application the key is to keeping your credit clean, now is not the time for big ticket purchases. Follow the advice of your mortgage lender until closing day.

7.  Home Ownership Creates Long-Term Financial Stability

Historically Americans who purchase their own homes create long-term wealth than those that don't.  Remember the word "long term wealth", appreciation and the compounding affect of building equity will make you more wealthy in years to come.

Buying your first home is a major step, be sure to contact your local REALTOR® for all the best advice and guidance you can receive. We are trained and educated and prepared to help you through this wonderful adventure.  Your REALTOR® will be with you every step of the way.

For more information contact: Karen Villa Schweinfurth, ABR, CRS, SRES, e-PRO, RE/MAX Northwest Realtors - 425-308-3669 or karen@karensvillas.com.

For lending information contact:  Ken Allen, MetLife Home Loans - 425-670-2418 or ken@kenallen.com.

Visit my website for more helpful information at www.karensvillas.com