3 compelling reasons to buy Idaho Real Estate now!

George Tallabas — Wed, 25 Feb 2009 15:48:00 GMT

In my over 29 years as a licensed Idaho Realtor I have never seen a better opportunity for anyone interested in purchasing Idaho Real Estate. Mark my words when I say, those that don't buy Idaho Real Estate in the next few months will kick themselves for not doing it years from now! Here are the 3 main reasons I see for buying Idaho Real Estate as soon as you can:

Interest rates are near historic lows
Many homes are selling at 50-60% of what it cost to build them!
There is a tax credit of up to $8,000 for qualified first-time home buyers

Interest rates have softened

Mortgage rates have been on a little roller coaster ride for most of the past several months but have settled under the 5% mark as of today! When you look at the history of mortgage rates you can clearly see that mortgage rates have rarely been this attractive. When the economy starts to improve and it will, all interest rates will rise to cool inflation. Current mortgage rates are simply too attractive to pass up!

Home prices are falling

Many homes listed in the Intermountain Multiple Listing Service are now selling for 50-60% of the cost to build them. The high number of aggressively priced REO's (Real Estate Owned) bank foreclosures has driven home values down all across the valley. When one factors in the cost of the home and an average sized lot you can find many bank owned properties selling for as little as $50/square foot! This has simply blown my mind when you think of what homes were selling for just 2-3 years ago.

A tax credit gift from Uncle Sam

Unless you are living under a rock you can hardly avoid hearing about the new First-Time Home Buyer Tax Credit recently approved in the "American Recovery and Reinvestment Act of 2009". This new act will lower a tax payers tax liability by up to $8,000. First time home buyers may see benefits years down the road when they purchase a home. If you have any questions regarding this act make sure and see a reputable Certified Public Accountant that can assist you with any questions you may have.

So get pre-approved for a mortgage loan which will give you bargaining power when you find the home of your dreams and then start the search for your Idaho home.

Call me with any questions at 208-880-2333 or email me at george@tallabas.com

Boise Idaho Real Estate News : First time home buyers

3 compelling reasons to buy Idaho Real Estate now!