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As a licensed Burbank Realtor I have never seen a better time for anyone interested in purchasing Burbank Real Estate.
Let’s look at 3 very compelling reasons I see for buying Burbank Real Estate as soon as you can:
- Interest rates are near historic lows
- Many homes are selling for significantly lower prices compared to a few years ago!
- You can take advantage of a tax credit of up to $8,000 for qualified first-time home buyers
Good mortgage loans are out there and rates have been extremely attractive! When you look at the history of mortgage rates you can clearly see that mortgage rates have rarely been this attractive. When the economy starts to improve and real estate values increase, chances are interest rates will increase as well. Current mortgage rates are extremely attractive!
Home prices are falling
Many homes listed for sale in the Burbank, Toluca Lake and Studio City areas are now selling for 30-40% less than a few years ago. There are many aggressively priced REO’s (Real Estate Owned)/ bank foreclosures which have driven home values down all across the San Fernando Valley.
A tax credit gift from Uncle Sam
Remember the faux credit of $7500 for first time home buyers? I call it “faux” because it was not a credit, as it did have to be repaid. Well, some good news here, under the recently approved First-Time Home Buyer Tax Credit in the “American Recovery and Reinvestment Act of 2009“, there is an actual credit(does not need to be repaid if you live in the home for 3 or more years) of up to $8,000. As long as you have not owned a home in the last 3 years, this will be your primary residence and your income meets the appropriate criteria, you can qualify for the credi.
Make sure you talk to your CPA if you have any questions regarding these credits and how it will impact your situation.