Now is the Time to Buy

by Audry Kensicki on March 9, 2010 at 9:00 am

The deadline to buy a home and take advantage of the First Time Homebuyers Tax Credit is looming, but there are a few other reasons why now is the time to buy.

Realtor Shannon Adams of Y-City Realty said the deadline to buy a home is April 30 and it must be closed on by June 30.

She said in addition to the credit, the government may raise interest rates because of a promising economy.

"It does seem like when spring hits and business gets a little bit busier, the rates do creep up a little bit," said Adams. "I would still say they’re not going to be as high as they have been historically. People will still feel like if they’re getting up in the sixes that they’re not getting such a great deal as they have in the past."

Adams said right now is a great time to sell your home and to be looking for a new one.

"There are a lot of deals out there," she said. "There’s a lot of nice repos. There’s still some repos that aren’t in need of a lot of work. There’s a lot of good people that are just trying to get their houses on the market."

Adams said there is also a Second Time Home Buyer’s Credit which allows a rebate of up to $6,5000.

Adams said although the government hasn’t said if it will extend the credit again, she doesn’t expect it to.