If you’re renting, this may be the right time to buy

Posted by Annalisa Burgos | March 6, 2009

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A lot of news this week focused on Obama’s $75 billion foreclosure prevention plan, which involves refinancing Fannie Mae and Freddie Mac loans and setting an industry-wide standard for loan modifications.

But while it may be a challenging time for many homeowners and sellers, it’s a great time to be a buyer, especially one with a strong credit score.

If you’re currently renting, now may be the right time to buy. Consider the advantages of homeownership: not only are home prices falling and interest rates at a historic low, you can benefit from huge tax breaks.

In this month’s Top 10 feature (www.frontdoor.com/top10), we break down the 10 things home buyers, sellers and owners need to know about taxes. New this year: If you’re a first-time homebuyer who closes on a home in 2009, the fed will give you a $8,000 tax credit on your next tax return. And there are more perks to look forward to…

So hit the pavement this weekend, explore a neighborhood you may want to live in and check out some open houses. Browse homes for sale online. It doesn’t cost anything to look. And who knows? You may find your dream home.

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