People make various decisions everyday.
Some of the decisions are easy to make while others need quite a lot of thinking.
More often, people are faced with making big decisions; one that involves risk but has a great impact on one's life.
One of the biggest decisions to make is buying a home.
Deciding to own one is not only done for luxury but also for convenience and security.
Many people are willing to invest over hundred thousand of dollars, just to own a home and enjoy the liberties that comes with it.
But since the real estate market has gone down, people are now doubtful.
They need to contemplate hard whether it is really a good time to buy a home.
Some would even think if it is worth the risk.
Because of those doubts, the people has intended to defer home buying because the risk involve seem unbearable.
The impact of buying a home right now may be severely negative.
For one, the home value has gone down and two, it is not easy to get mortgage.
However, many experts still believe that this is still a buyer's market.
If they purchase a home right now, it is still geared to their advantage.
Here are the following reasons: 1.
The existence of tax credits- As part of the government's attempt to resuscitate the real estate market, they have implemented a program that could benefit first time home buyers.
Considering a home buyer qualifies for the program, they are eligible to get a tax credit of as much as $8,000.
Yes, the program will expire on December 1, 2009.
However, people are optimistic that it will be extended.
And there are speculations that the program will be renewed with bigger and better perks.
For one, the said tax credits may be increased to $15,000 and repeat buyers may be able to avail of tax credits too, for as much as $6,500.
2.
Home prices are low- What could be a perfect time to buy a home? It is when purchases prices are low and it becomes affordable.
Many home prices are greatly reduced for many reasons.
One, there is too much competition in the market that homes aren't selling fast.
Two, concurrent to the drop home value is the drop in market price.
So, you will certainly enjoy discounted homes anywhere.
3.
Negotiations to buyer's advantage- At times when there is more supply than demand, sellers are forced to create tactics to make their homes sellable.
One is reducing the price.
However, price reduction for real estate may not be that effective to push buyers to buy the property.
You should know that every seller is doing that already.
Therefore, some sellers may be easily persuaded to add perks in home buying.
If you are a buyer, you can use this to your advantage.
These days, you will be in a good position to demand more in your offers.
The real estate market will soon stand from its downfall but this will not happen any time soon.
The next year's outlook would not make much difference compared to this year.
However, there is an opportunity here amidst all hardships.
Therefore, you may want to take advantage of it before it flips, making home ownership even more difficult.