Now is the Time to Buy!

Every where you turn around, you can see, hear and read about affordable housing and programs for buyers. President Obama is now promising a first time home buyers credit up to 10% of the purchase price up to $8000 as well as lower mortgage costs and new loan programs. Coupled with historically lower interest rates, it’s no surprise that Florida’s overall existing home sales rose by 27% in January. In year to year comparison, this was the fifth straight month that sales have increased, according to the latest housing data released by the FAR.

“Buyers are looking at the real estate market and taking advantage of the current economy,” said Elliot Koolik. “People who sat on the sidelines in the past, are now realizing it’s a great time to buy because of the low interest rates, affordable prices and wide range of housing options available.”

Investors are now seeing great opportunities for themselves too. Mortgage giant, Fannie Mae has just announced that they are modifying their investor policy, which will now allow investors to own 5 to 10 properties depending on certain requirements, rather than the previous maximum of four properties. “Now is a great time to buy, said Wendy Koolik. “With more affordable options, we are ready to handle the influx of investors purchasing homes to increase their portfolio as well as vacation home owners.”

First time home buyers are in an extremely great position. Not only can they take advantage of the higher homestead exemption, low interest rates and the home buyers credit, but now Gov. Charlie Crist has proposed a new policy giving property tax breaks as much as $5000 to first time homebuyers. The proposal would tax only half the property value and then phase out the policy over the first five years of ownership.

For current owners, Gov Crist is proposing to ensure that homeowners do not receive higher property tax bills in times when house values are declining. He is also proposing to make it easier for homeowners to challenge tax assessments by requiring property appraisers to prove their work is valid, rather than leave the burden of proof on the homeowner.

“With so many policies working in our favor, it’s no wonder Palm Beach County sales have risen, said Steven Koolik, Broker of Koolik Group Realty. “Buyers are realizing that it will be a very long time before they will have the opportunity to own a home at the prices we are seeing in today’s market.”

In deed, it seems that those who don’t take advantage and buy now - may regret it in future years.

**Published on the front page of the Sun Sentinel Homespot.**