It is a perfect opportunity now to take advantage of the low interest rates and low home prices today and buy a home. There are numerous down payment assistance programs such as CityLiving for both St. Paul and Minneapolis. Also don’t forget the $8000 tax credit given to first time home buyers. Many cities also offer their own incentives for living in a particular location. Nowadays it is also common for Sellers to contribute to buyers closing cost and down payments. These incentives are going to only last for so long.
The interest rate today is hovering around 5.25 percent which is still very low. It will only stay so low for so long and as well as home prices. The market in June and July saw an increase in homes sales and median sales price. As the inventory of homes available decreases, the sales of price of homes will increase. If we continue on this trend the price of homes will only increase. So take advantage of the opportunities and buy a home today.
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