Turn Your Tax Refund into Your First Home

It may sound like real estate agent hype, but buyers, especially first time home buyers, are in the middle of a three month period that represents their very best opportunity to purchase a home.  Why is the first quarter of 2013 so special?

  1. Interest Rates.  Interest rates, more than any other factor, dictate housing affordability. An increase from 3.5% to 5.5% in rate on a 30 year mortgage of $150,000 increases the principal and interest payment from $673.57 p/mo. to $851.68 p/mo.  That’s a 26% increase.  Rates are still at historically low levels, but no matter how you look at it, the current interest rates will not last indefinitely.  NOW is the time to take advantage of the lowest interest rates of our lifetime.
  2. Home Prices.  They are starting to rise.  The market has hit bottom.  As the number of Wilmington area sales has increased and the number of new homes for sale has decreased, real estate prices are starting to climb.  Personally, I don’t expect a steep climb, but I do expect buyers who wait for prices to fall further to miss the boat. NOW is the time to take advantage of the lowest home prices in six years.
  3. Your Tax Refund.  Odds are, you’re going to receive some extra cash in the coming weeks.  The average federal tax refund is about $2,900.  This extra cash can make a big dent in your closing costs, reducing the amount you need to tap from your savings.  NOW is the time to invest your refund and start building your net worth.
  4. A $2,000 gift through Just For Buyers Realty.  OK, this one isn’t limited to the first quarter of the year and there is a “string attached.”  Just for Buyers Realty is one of the very few agencies that can help you qualify for a $2,000 grant toward your down payment.  You or your co-buyer must be employed by the government (local, state or federal) or work in the education or medical field.  Your household income must be below $60,000 for two people or $69,000 for three or more.  Finally, you have to complete a HUD approved home buyer program.  If you meet those criteria, NOW, while interest rates and home prices are low, is the time to maximize the value of the grant.

For more information on how to take advantage of this window of opportunity, contact Just For Buyers Realty at 910-202-4813 or [email protected] One of our brokers will be happy to meet with you to answer your questions.  Without any obligation on your part, we will help you determine whether or not home ownership is feasible for you at this time.

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