There are tax incentives, credits in place now for first home buyers. If you still have the cash, and you will have to prove it, steady income, and good credit the new home can be yours. You don’t always have to put 20% down either. I have it from a very reliable mortgage banker that he has written deals recently in the 5-10% down category.
Federal tax credit of $8000 is due to expire the end of November this year. The state of New York is giving a 20% tax credit on your mortgage interest for this year too. Will it continue next year? Stay tuned to find out. More homes are still coming on the market at all price ranges. I’ve shown many homes in the last month on the North Fork for less than $400,000. On the South Fork, or The Hamptons, you can now buy a home with ocean view on Dune Road for less than $4Million. Many homes on Dune Road have for sale signs and even more are discreetly for sale, meaning, no visible signs. There are lots of people looking. There are people buying. Will you be one of them?