At the end of business today the first deadline for first time and move-up buyer tax credit expires. Now all those buyers that raced to get into contract will now be racing the clock to get their escrow closed by June 30th. With the frenzy initially over, you have to ask yourself is it still a good time to buy?
Of course it is. Homes in the Reno-Sparks market are more affordable than they have been in years. Interest rates which are predicted to rise in the coming year are still in the low 5% range. Homeownership still give you the things that your parents looked for when they bought houses – shelter, pride of ownership, sense of community, freedom to make it your own and an a great tax write-off. In many cases rent in our area is easily equilient to what you would pay for a home mortgage.
Buyers may continue to face some challenges in our market as inventory levels remain low in the super competitive price ranges under $300,000. Also with the high number of short sales in our market buyer will need a skilled agent to help them navigate listings that may have a better chance of closing sucessfully. Buyers will also continue to face mulitiple offers on bank owned and traditional sales as these properties types will continue to close more easily than short sales.
Without a crystal ball we can’t see into the future, but for now the signs all point to a thumbs up for purchasing a home.