FIRST TIME HOMEBUYER ADVANTAGE

In Sunday's New York Times was a great article, First Timer's Seize the Day. For the first time, IN A LONG TIME, first time homebuyers are actually in the driver's seat. Without the requirement to sell before they can buy, and with interest rates at historic lows (especially for conforming loans), AND WITH TONS OF DISCOUNTED INVENTORY FROM WHICH TO CHOOSE, first timers are jumping into this market of opportunity. National Association of Realtor statistics show that 41% of all buyers in in 2008 were first time buyers, up from 36% in 2006.

You may want to read (or reread) an article I referenced from the WSJ the other day, RENTERS LOSE EDGE ON HOMEOWNERS. It states that the relative cost of owning versus renting is swinging back in favor of homeownership in some U.S. markets.

Also available for qualified first-time home buyers is a federal income tax credit of up to $8,000. They must be purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.

If you are a first time buyer, or know one here are the top 10 things you should know when purchasing your home (from CNNMoney.com)