The American dream is to own your own home. Unfortunately, many people do not realize that they actually can afford to own their own house, especially today. The real estate conditions today makes it the best time to purchase your first home with a Lemon Grove real estate agent or a Spring Valley real estate agent than ever before. These tips will point out the reasons why you should bite the bullet and buy your first house and how the benefits for doing so will outweigh the hardships.

Right now, the residential real estate market is struggling due to a poor economy and homeowners that took out home loans that they could not afford by money hungry lenders. There are more foreclosure houses for salein addition to homes selling in what is known as a short sale. This means there are some great deals for a first time buyer. A property that is a foreclosure property means that thehomeowner could not afford to pay themonthly payments to the lender anymore and so it is now owned by the bank, not the person that bought it. At times these foreclosed homes are also known as bank owned homes. A short sale is still owned by the owner but the sale price is less than what is owed on the property. This is for the person that needs urgent help in a financial crisis. There are also people that have lost their jobs and are downsizing to be able to afford this setback. All of these reasons have produced a saturated market, meaning there is a large numberof homes for sale at various price points. This is known as a buyers market, where the buyer should be more selective in getting a home for the price they want and under the circumstances they want as well. This is one reason why you shouldthink about buying your first property. You can get alot more house now for a smaller pricetag.

Another reason to first time homeowner is that the interest rates are at a all time low for buying a home. This is something that you canlock into for a good thirty years at a fixed rate mortgage. Why not get one that is lower than it has ever been before and enjoy it for the next 30 years? Another reason to purchase your first time house from a Lemon Grove real estate agent is a new financial tax credit that President Obama is giving to buyers. If you purchase your first home now from a Spring Valley real estate agent , the government will give you an $8000 tax credit for doing so.Being a homeowner provides you with many benefits. Owning a home typically increases with value over the years whereas renting a place is like spending money to live with no added benefit. With all of the lower rates and benefits now offered to the first time homeowner, you most likely will spend the same amountper month as your rent but instead own your home.

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This entry was posted on Thursday, May 28th, 2009 at 3:03 am and is filed under Real Estate Investments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.