Mar 14 2009
First Time Homebuyers! Where are you???
Don’t you know that you drive the housing market? If you don’t buy houses, how can the people whose houses you will buy move up to their next house and then those people move up as well until they can build a new house and employ all of those people?
I mean, come on now, we are waiting for you to jumpstart the economy. It is your civic duty to be paying a mortgage, didn’t you know?
Yes I understand that you are at the bottom of the pile in the job market, last hired first fired, that you are likely to be laid off several times in your career but all of that is just “Life on Life’s terms!” I also know you will not be buying a house on your McDonald’s wages. But someday you will have a job with some bennies and some pay.
It is still beneficial for you to buy your first house. Especially now with the huge tax credit going on from Washington! $8,000 back to you for buying your first house! In my state we have several other perks for First Time Homebuyers and they are huge chunks of change you can only get as a First Time Homebuyer.
Unless you live with your parents, you will always be paying a mortgage, it just depends on whose. You might as well be paying your own mortgage because of the tax breaks and acruing equity to benefit you in your future as opposed to paying the mortgage for your landlord on his property.
Home ownership is an American Value! Not only can you do anything you want to your OWN HOUSE, you can accrue value over time which will pay you back. It is good stuff!
Where else are you going to house the 2.5 kids, the dog and someday your returning college students or parents???
You really do run the whole housing market and you are in a unique place to be asking for some perks!!! Ask the sellers to pay for your closing costs and prepaids, generally 3% of the purchase price will do. There used to be programs where the sellers also paid part of your downpayment but those went out with the last administration. A number of people are trying to get them reinstated, such as the Nehemiah program or the American Dream program. Stay tuned for more on these and other First Time Homebuyer Perks.
Just remember that everyone needs a roof over their head, it just depens on whose mortgage you will be paying- your own or someone else’s.
Happy House Hunting! Susan the Realtor
T
