The Wall Street Journal reported today about how falling home prices across the country are luring first time home buyers in to the market. Affordability has returned to sweeten the deal that home ownership offers to those who have, until recently, rented homes someone else owns.
Here in the Poconos, first time buyers have a great selection of properties they can afford. Our area has always been pretty affordable, especially when compared to house prices in nearby New York and New Jersey, but the recent value dip beckons to those still not quite convinced. A quick search of the Pocono Mountains Association of REALTORS MLS/IDX, the database which offers the most accurate and up-to-date property listing information, will show the skeptical just what kind of deals are available in the under $200,000, the under $175,000, and even the under $150,000 price ranges.
Availability of Financing
Better still, the recent expansion of the FHA loan program has made purchasing a home here in Monroe County, Pennsylvania, even easier yet. Higher loan limits mean that most properties that first time home purchasers want to buy qualify for this low 3.5% down payment program. So, those with decent credit and a little cash saved have opportunities like never before!
And...if that STILL isn't enough to convince you, keep an eye on the Economic Stimulus Package which is on the verge of being approved by Congress. There is a $15,000 tax credit (which does NOT have to be repaid!) included in the latest version of the Bill, which will make buying that first home an absolute no-brainer as it will provide a $0 net out of pocket expense to the savvy buyer.
Opportunity is knocking, people. Will you answer?