Tuesday, May 5, 2009

Reasons to Move Up Now

The $8,000 tax credit for first-time buyers makes all the headlines, but that doesn't mean it isn't a good time for all homebuyers to get into the market. Consider, for instance, the move-up buyer who can now purchase a new home that is bigger and better than what they could have afforded just a few short years ago.
The National Association of Home Builders recently suggested the following reasons why current homeowners should consider upgrading to their dream home:
  • Interest rates are at historical lows - Buyers can get more house for the same amount of money.
  • Homes are more affordable - Even though they might receive less when they sell their home, move-up buyers will also pay less for their new home.
  • There are many homes to choose from - With more homes on the market than in the past, buyers have more options and greater negotiating power.
  • Starter homes are selling - A move-up buyer's current home may no longer fit their needs, but it could be the ideal starter home for another family. The incentive of the $8,000 tax credit, which can be used for transactions closing before Dec. 1, 2009, makes these types of homes even more desirable for first-time buyers.
Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, and a Home Marketing Expert.. You can reach Smitha at: 973-953-7777 Mobile or 973-455-1900 Extension 122 (Office) or online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com or http://www.Morris-Townhomes.com or http://www.MorrisCountyTownhomes.com.