As 2010 begins one item that should be on your New Years Resolution list is buying a home. Why you may ask? Because 30 year interest rates remain very low, there are bargain home prices all over and with an improved housing market conditions could not be better to give you the resolve to obtain your home sweet home.
According to a new Move.com survey, as of January 1st nearly 18 percent of Americans have said that they have resolved to become a first-time homebuyer in 2010 which is both a timely and smart move considering that mortgage rates are still at record lows, home prices are down and the $8,000 first-time home buyer tax credit has been extended until April 30, 2010. Not only has the tax credit been extended it's also been expanded to include a $6,500 tax credit to repeat buyers.
Of those who responded to the survey more than 15 percent said that saving money to buy their first new home was on top of their New Years resolution.
Also, almost 40 percent said that their No. 1 resolution on their list was to start a home improvement project particularly since cheap home equity money is available which should not only help them start the project, but also complete it as well. Informa Research Services, located in Calabasas, CA, found home equity lines of credit (HELOCs) for $50,000, with an 80 percent loan-to-value note with average variable rates ranging from 4.98 percent to as low as 2.74 percent.
Furthermore, the Move.com survey showed that just slightly more than 9 percent surveyed wanted to fix their credit in order to buy a home in 2010 or 2011. One way that they can start to fix their credit is to look at your next credit card statement for the toll free number directing them to counseling help which is part of the new mandated disclosure provisions in the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act).
Another recent Move.com survey showed that more than 12 percent of homebuyers today plan to purchase a home as an investment property, which just seven months ago was only 5.6 percent. This change can be credited to better investment conditions today.
Sure we all have on our New Years Resolution list our goal to eat better and to exercise, but conditions are also pointing to a resolution to buy real estate. So, make 2010 the year you make your dreams come true. Just think how good you'll look inside your new home as a slimmer and more active you.