June 5th, 2009 2:47 PM by Brian Banak
You hear bad news about the real estate market everywhere you turn. It's on television, on the internet, on the radio and in print. What you rarely hear is the good news about the real estate market.
Bad news sells newspapers and gets high ratings for television. Therefore, the media has on incentive to report any good news about the market.
Did you know that approximately 30% of all homeowners own their homes free and clear with no mortgage?
The current market affords some great opportunities for first time buyers. There is a large selection of available homes and interest rates are very attractive. In addition, many first time homebuyers may qualify for an $8,000 tax credit.
Many first time buyers are using FHA loans for the financing. An FHA loan requires only a 3.5% down payment. On a $200,000 home, that would be $7,000. With an FHA loan the seller can pay up to 6% of the purchase price in closing costs on behalf of the buyer.
Give me a call if you want to hear more good news about today's real estate market.