In spite of problems in the housing market, experts agree this is a great time to buy Santa Cruz real estate. First-time home buyers can take advantage of the many tax breaks allowed by the stimulus plan, and everyone can benefit from the fact that the stimulus package includes help for banks so that they can provide mortgages. There are other reasons the current market is good for new home buyers, too.
Mortgage Rates
Because so few mortgages were being issued, the rates are very low. This gives home buyers, especially those with good credit, a big advantage. Just a two point difference in mortgage rates can mean saving several hundred dollars a month on payments.
Low Prices
If you're considering buying Santa Cruz real estate, act now so you can take advantage of the amazingly low prices. When you buy a home at today's exceptional prices, you're very likely to quickly add equity to your home when prices bounce back.
Less Construction
Having less construction happening may not seem like a great thing, and for many areas of the economy it is not, but a lack of new construction is a real plus for new home owners. The fact that there are fewer new homes on the market will help real estate prices bounce back over the next few years by creating more of a supply and demand situation for existing homes. Rising home values will provide that equity bump back to more modern levels.
If you're thinking about buying Santa Cruz real estate and want more advice on the pros and cons, please give me a call today at 831.662.6522 or email me at lauren@laurenspencer.com
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