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Homebuyers: Too Late for Tax Credit Extension, but still Find Market Ripe with Good Deals

The three-month homebuyer limited tax-credit extension has helped many people. However, it is too late for other home seekers to take advantage of the tax credit.

But Lucien Salvant, National Association of Realtors spokesperson, says that shouldn't discourage interested buyers because the market is ripe with other opportunity. "The good news for people who didn't take advantage of the tax credit is that the inventory is still plentiful, although it's reduced significantly from what it was a year ago, prices are affordable, and the interest rates are the lowest they've been since the 1950s." The low interest rates are, of course, a magnet for attracting buyers. However, Salvant says that while this is a good time to buy, he notes that the lending market isn't operating the way it did before the housing crisis. This, he says, should make people understand that buying a house is a good option if you plan to stay in it a while—not play the flipping gamble, hoping for a quick profit.

"The average is about seven years. Homeownership is an investment in the future, not for a quick turnaround, which a lot of people abused in the earlier part of this decade," says Salvant.

Salvant notes that the housing market's recovery is being hampered by... Read more...

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