In this day and age prices have dramatically dropped for buying houses. As a single person, making an average of most single people in America , ($9 hr.), the question has come up time and time again. Should I buy a new house or wait? The average homes for sale from foreclosures (in my area) are approximately $40,000 for decent ones. Although you can still find a few for less than $30,000 they really aren’t in good neighborhoods or in good condition. Most people tell me to wait till I get married or have a better income. Some say if you wait to long you will loose out in the long run. Others say that renting an apartment or home/room is cheaper due to you not having to make any repairs yourself.
And what about the rumors about this $8,000 tax credit from the government for buying a 1 st time home? The other day I was reading about the $8,000 tax credit and my friend leaned over and pointed out 2 words to me. Up to. That makes a huge difference than saying that all first time home buyers are going to get an $8,000 tax credit. It makes me wonder how many people fell for it by not reading the fine print.
All the agents I have spoken to were so excited when they told me about the $8,000 that they failed to tell me that it was UP TO $8,000 that I COULD get. Also she failed to tell me that in order to get the $8,000 I had to buy a certain type of house within a certain pricing range. An acquaintance of mine told me the other day that people were buying houses for like $10,000 and getting the $8,000 credit for them. When I checked into it, most agents just quick-talked their way around it. The ones that did told me to go to the county registrar office and then changed the subject.
As single people, what are your thoughts to buying a first time home right now?
Has anyone taken advantage of buying right now and if so what are the pros and cons you have discovered?
