Wednesday, September 23, 2009

Low Interest Rates! Low Prices! $$$ Incentives!

Today is an AMAZING time to buy real estate! First time home buyers with a credit score of at least 600 can buy today without any out of pocket money* (*using Cook County's 6% incentive for qualified buyers), and get $8000 back to boot on next year's tax return!

Prices have not been lower since 2005. So even if you have to sell your current home and take a loss, you can make out very well on your purchase of a new one. If you buy an REO (bankowned property) or Foreclosure, you can get them at a BIG discount from retail prices.

Interest rates are as low as I've seen them in recent history. If you already have a home and a mortgage, you may be able to re-finance and take advantage of the new rates... Or, if you'd also like to increase your home size, or improve your lifestyle, you can sell and buy and take advantage of the new low rates.

Also, today is the time to buy rental property! You can buy now at a huge discount so that you can have positive cash flow and instant equity. There is an ample supply of renters. The tight lending qualifications are creating an ever growing pool of people who must rent. I'm buying as many as I can, and looking for partners to buy more.

So, even though I am busier now than I was at the beginning of 2009, why isn't there a line outside my door waiting to fill out contracts to purchase??? Not sure consumer confidence has returned just yet. Unemployment is still rampant. Retail sales are still sluggish. Is the recession over yet? I don't know, but I'm ramping up to buy... I think we are at the bottom of the curve, and don't want to miss the opportunities. Spring 2010 may be the beginning of the return of the real estate market.

Would value all opinions.

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