Owning Your First Home

Redding Real Estate ~ First Time Buyers and the Traditional Value of Owning Your Own Home.

The Boom of 2005 was based on prosperity and a desire to have our dreams come true. A time when we wanted bigger and more beautiful homes. Greed had a part to play, but from who? Greed on pretty much all levels. Greed from banks and lending institutions, mortgage brokers and real estate professionals. It also included the consumer using their homes as ATM machines for purchases of RVs, boats and other toys. It included the government with deregulation. It included a “get quick rich” attitude from the consumer that I can make more money by leveraging my home to buy more real estate. It was a get rich quick scheme and it worked for some and for some it proved to be disastrous. It was not a bad strategy but a strategy that could not sustain itself. Greed is a hard word to use, however when we look back we have to accept that aspect of what occurred.

What will owning a home in the future be like? The answer comes from the generation before us. It comes from a conservative perspective. It come from a more traditional basis. It stems from a need for shelter, security and long term investment that can eventually contribute for retirement. It provides a tax deduction that can help families afford their homes and to move towards savings for college and retirement. We will be returning to the traditional values of owning a home.

That is not a bad thing and while we go through the withdrawal of having been on a high, we can support those people that are making a new beginning. A smaller footprint will be the way of the future for the next 10 years. It will not happen over night and recovery will take time. Helping those people in a position to take steps to returning to traditional values of home ownership is where our market is.

Adapt and understand the new market and the opportunity that will exist for Realtors as they help millions transition to this new trend. We have work to do in helping our clients adapt. It’s a good thing.

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First Time Buyers have a new incentive to help towards owning a home. We currently have very attractive conditions that should help new buyers enter the market and achieve their goal of owning their first home. There are local Down Payment Assistance Programs and new Loan Programs designed to help you own your first home.

The market current provides and supports opportunity for you:

• Historically Low Interest Rates
• Real Estate is a Reliable Investment ($10,000 dollar investment in Stock Market in a normal market typically nets 12% ROI over 10 years, $10,000 dollar investment in the Stock Market in a bull market nets a 25% ROI over 10 years, and a $10,000 investment in a home in a normal market nets a 100% ROI over a 10 year period. Real estate is a more reliable investment than stocks. Source: NAR
• It’s a Buyer’s Market–Plenty of Supply and Little Demand
• The Buy Smart Time–typically a good time to buy a home is when the market is recovering.
• Rates are back where they were at historically lows to make mortgage payments affordable.
• There is a wide selection of houses which is good news for buyers when they have good home to choose from.
• Homeowners in it for the long term nearly always come out ahead when building wealth.
• It is a good time to take advantage of the strong local economy.
• Home sales have slowed giving buyers the advantage.

Additionally, the Government is offering a $7,500 tax credit for First Time Home Buyers!

Who is eligible? The $7,500 tax credit is available for first time home buyers only. The law defines a first time home buyer as a buyer who has not owned a home during the past three years. All U.S. citizens who file taxes are eligible to participate in the program.

What Type of Homes Qualify? All homes within the U.S., whether single-family, town homes or condos will qualify. There are conditions. The home must be used as a primary residence, and the buyer has not owned a home in the prior three years. The tax credit includes newly constructed home.

If you are thinking of buying your first home, now may be a very good time to learn about your options. Visit our website for dates for First Time Home Buying Seminars or call me to register for the seminars or for details on how you can begin getting started in this process. The time is good and there is a deadline (July 1, 2009 for this tax incentive)….so call today and let’s get started.

I am Jeanean Gendron, your Redding and Shasta County Specialist. I can be reached at 530 276-7417. I answer my phone. Visit our websites to learn more about Redding and Shasta County Real Estate. I love helping first time home buyers.

Jeanean’s Listings Shasta MLS by Price Short Sales and Foreclosures Redding and Shasta County Real Estate Resource Luxury Homes Waterfront Homes Ranches Horse Property Golf Course Homes

How Much Is My Home Worth Search all Homes in Shasta County Dream Home Finder

Search for Schools in Redding and Shasta County

If you like what you are reading here, subscribe to my blog and you will be notified by email of new postings. You will receive a confirmation email. Click on the link to confirm your subscription.

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