Top 5 Reasons to Buy a Home in 2010

1. Housing Affordability Is at Record High Levels Each month the National Association of Realtors issues its “Housing Affordability Index,” which measures the ability of the average family to afford the average home. In November 2009 the national affordability index was 167.7. This means that if a family with the median income of $60,034 wanted topurchase a median-priced existing single-family home at $171,900 (witha 20% down payment of $34,380), they would have 167.7% of the qualifying income needed to purchase that home.
2. Interest Rates Are at Historic Lows
   In the 1990s rates were higher than 10 percent. This look back through
   time makes it easy to see that today’s mortgage rates are relatively low.
   Take the first step toward a home purchase and contact me for a credit-checked priorityBuyer® preapproval to see exactly how much you can borrow with today’s
   interest rates.2
3. Tax Credits Available for a Limited Time
   · First-time homebuyers have until April 30, 2010, to take
   advantage of the federal tax credit of up to $8,000!3
   · Repeat Homebuyers: Repeat homebuyers have until April 30,
   2010, to take advantage of the federal tax credit up to $6,500!3
   · Renovations: Buying a home that needs a new roof, windows, or
   insulation? Qualified homeowners may receive a tax credit for
   30% of renovation costs, up to a maximum of $1,500, for
   energy-efficient improvements to their current primary
   residence.
4. Inventory of foreclosure and short sale properties
   Also called real-estate owned or REO, lender-mediated, lenderowned,
   or non-traditional, these properties may appeal to bargain
   hunters looking for that hidden gem.
5. Inventory of homes overall is at a 7-month supply
   nationally.5 It is a buyer’s market!
   More sellers than buyers in the marketplace can mean more
   choices and more bargaining power for buyers.