While there continues to be a downward trend in the housing market and more difficulty with obtaining mortgages from lenders, there is a general consensus that right now is a great time to buy for those who have been unable to afford Massachusetts housing prices in the past. Homes that were recently out of your price range are now likely able to be comfortably purchased due to the record amounts of unsold homes and foreclosures. How can a Massachusetts first time home buyer jump on these bargain prices and buy the home you always wanted without worrying about going broke?
There is the old saying that what goes up must come down. This piece of advice is showing itself through the housing market as rising home prices over the years have finally fallen back down to more reasonable levels and even at bargain levels. With an oversupply of housing in the Massachusetts home market and the large number of foreclosed homes, if you have been waiting to purchase that first time home and have saved for this important purchase, the time is right now to consider jumping into the market in any part of Massachusetts, including the Metrowest area where I specialize. These prices are well suited for bargain hunters and Massachusetts first time home buyers.
Have you previously been interested in a house that has been sitting on the market for a long time but felt it was too expensive? Haggling is the way to go in these situations. When homes are on the open market for a long period of time, the owners can turn desperate to sell and likely will entertain reasonable offers or even much lower offers than they previously considered. Buyers have knocked tens of thousands of dollars off the asking price of Massachusetts homes by naming their own prices. It is a buyer’s market right now.
As an added bonus, Massachusetts first time home buyers will enjoy up to an $8,000 tax credit if they purchase their homes by November 30, 2009.
If you have good credit, there are also great deals on home loans with much lower mortgage rates than in years past. The number of Massachusetts home buyers who are eligible for home loans has shrunk, so that the mortgage lenders have become more competitive to get your business. With weaker credit borrowers in their portfolios, mortgage companies now need home buyers with decent credit and a stable income to balance out the weaker customers of the past. Many people learned the hard way that you should stick with fixed rate mortgages and avoid adjustable rate mortgages.
While the market has fallen, many people expect a recovery as these bargain priced homes are sold off. Eventually, the market will likely return to a seller’s market resulting in a nice investment for those Massachusetts first time home buyers who can afford to take advantage of these bargains. Please feel free to contact me if you are looking for a Massachusetts realtor to help you take advantage of this perfect time to purchase your first home.