Yes, the April 30th deadline for the Homebuyer’s Tax Credit is now a memory. It seems like every real estate article written for the last two months has been telling you how quickly you needed to act in order to get that chunk of change in your mailbox. But now that all that’s behind us, it’s important to remember that there are still some excellent opportunities to be found in today’s market.
Prices and rates are still low
There really isn’t any way to exaggerate how many homes are on the market right now. It’s hard to drive through a neighborhood and not find a few homes for sale. At the same time, interest rates are very affordable – and you may have options to make them even more affordable, but more on that in a bit.
Certainly, an extra $8,000 in your pocket was an attractive lure. But don’t underestimate the long-term savings that can be realized from purchasing a home at a lower price with a mortgage as low as a substantially discounted rate.
Incentives are out there. (We’re even offering a few right now.)
Uncle Sam may not be doling out cash anymore, but that doesn’t mean you won’t find alternatives out there. For example, if you’re pre-qualified, you can ask your loan officer about allowable incentives based on your loan program and down payment. You may be able to reduce your interest rate (a recurring expense over the life of the loan) in exchange for paying a bit more in closing costs (a one-time expense at the origination of your loan).
If you’re working with a builder like us, you may be able to take advantage of a variety of incentives from cost savings to upgrades. Take a look at the developments we’re working on in Richmond and Hampton Roads. Then feel free to contact the StyleCraft representative and ask about what options we may have available for you.
The bottom line is that the real estate market is full of value, but it’s not going to last. Good things rarely do. As more buyers take advantage, interest rates will begin to climb again and so will prices. So forget about last month’s news and refocus your efforts on finding the perfect house for you. We think you can find it on either that Richmond or Hampton Roads list we mentioned earlier.