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Financial Turmoil Doesn’t Scare Off Chicago First Time Home Buyers
7th October 2008
As the news lately has been filled with doom and gloom about our economy, I’ve noticed a funny thing. First time home buyers are coming out of the 
woodwork. I’m getting more calls, emails and contracts from buyers who want to buy their first home than any time in the last six months. As home owners worry about how there homes are worth less, new buyers are looking at this as an opportunity to buy a home at fire sale prices. Buying now they can afford homes that were out of their price range just a year or two earlier.
There is no doubt that fear is in the air. But in some ways that makes this the best time to buy, especially if you don’t have a home you need to sell first. The truth is that no one knows when the best time is to buy. The market could go lower, but it is soft now and prices are down, substantially in some cases. If you are a first time home buyer here in the Chicago area, here are some reasons why you might consider buying now:
- Credit for other loans is tightening but not so with mortgages. The Government now owns the bank (FHA, Fannie Mae and Freddie Mac), so mortgage money is available.
- There are still great programs for first time home buyers with low down payments – FHA allows a minimum 3.5% down payment, and the new Mortgage Access program is available to qualified buyers with 0 money down.
- There is now a tax credit of up to $7,500 for new buyers, which you can take against your income (you will pay it back without interest over the next 15 years).
- Interest rates are still low. Mortgage rates have been bumping up and down a lot lately, but are lower than they were just a month ago. Lower mortgage rates make homes more affordable.
- With more homes on the market there is more of a selection for buyers to choose from. When the market was booming a few years back, home buyers were jumping on the first listing that was close to what they were looking for. Now they can pick and choose to find the home that is best for them.
When you take in the other reasons for owning your own home (tax savings, equity build up, pride of ownership and so on), this could be a great time to buy your first home. It takes nerve to make a move when times are scary, but scary times often offer the best opportunities.
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