Best Time in 10 Years to Buy a Home

What do you get when you have low interest rates, lots of houses to choose from, and tax incentives for homebuyers? You have the best opportunity to buy a new home in the last ten years.

We've been in the homebuilding business for 22 years. We always say that the REAL buyers are house-hunting in December and January. Those are the people that really have a need to buy...maybe relocating, maybe a new baby on the way, maybe bringing second generation into the home with them. Whatever the impetus, they are out looking for a house while everyone else is out Christmas shopping or staying warm by the fireplace. And the December/January buyers are likely to get the best deals.

The "tire-kickers" and "window-shoppers" come out after the Super Bowl. Those are the people who are "just looking." They are dreaming of a new home, and they are checking the prices to see what type of home might eventually fit their dreams. They are in no hurry at all...In fact, it would actually be easier to move "during the summer when the kids are out of school." There is always some sort of priority that trumps moving. Nevertheless, it's fun to look and to compare one home to another.

This year, more than ever, is the year for the REAL buyers in December and January. The $8,000 tax credit has been extended until April 30, 2010, for first-time homebuyers. In addition a new $6,500 tax credit has been created for people who already own a home. Both categories of homebuyers must sign a purchase agreement prior to May 1. Details are available at www.realtor.org.

Interest rates are near 5%, but who knows how long that will last? If you have a good credit history, the lenders are anxious to get your business.

And, of course, you'll find a high inventory of homes waiting for you. Many prices have been slashed as sellers become more impatient with the stagnant economy. Sellers know their homes need to be in mint condition to earn a sale. Competition between sellers in the same neighborhoods leads to terrific bargains for house-hunters.

So what are you waiting for? Now is the time to make your move!

Why Build a New Home?

Everyone knows it's a buyer's market these days. Find the neighborhood you like and you're likely to find at least one home for sale. If you find more than one, you'll probably be in the driver's seat when it comes to making an offer. So why would you want to build a new home rather than buy an existing home? We tell our prospective clients that building a custom home allows them to have the home that THEY want rather than the home that another owner or even the builder wanted to build. You can look and look at existing houses, but you'll probably never find a house that fits ALL of your needs perfectly.

The Home Builders Association of Greater Cincinnati offers these reasons to build:

1. When you buy a new home you get exactly what you want. You won't have to replace old carpet, countertops or aging appliances or roofs. You select the floor plan, appliances, window treatment and flooring.
2. New homes carry better warranties.
3. Today's new homes can be wired to take full advantage of the latest communication, security, home office and entertainment technologies.
4. New homes often sell at higher resale values than older homes.
5. Builders today are subject to more stringent disclosure standards than existing home sellers.
6. New Homes are safer than older homes. They have the most up to date wiring and electrical components and have been constructed to meet today's stringent building codes.
7. New homes are healthier because asbestos, lead, and other hazardous materials are no longer used in new home building.
8. New homes are more energy efficient. Newer window technology, increased efficiency in heating & cooling systems, better insulation and better control of air infiltration are just a few of the things that make new homes far superior in energy efficiency than existing homes. New homes are twice as energy efficient as homes built prior to 1980.
9. Existing and or older homes are more expensive to maintain and require additional maintenance and upkeep vs a brand new home or condominium.
10. New homes offer more updated floor plans, typically featuring more storage, larger rooms and modern features.