Posted on Tuesday, 9th February 2010 by Mortgage Helper
While the majority of home buyers are in the market to take advantage of the $8,000 first time home buyer tax credit, or $6,500 for existing homeowners, there is a whole other group of buyers we wouldn’t have thought of – Wall Street bankers.
According to a recent New York Times article, bankers are now considering real estate with their bonus money. While these infamous bonuses have been reported to be mostly paid in stocks this year, there does appear to be an increase in financial experts investing in real estate.
Traditionally, when you think of bonus money – real estate generally isn’t on the shopping list. But with low property values and low mortgage rates (making this one of the rare times expensive real estate is actually affordable), anyone with an eye on the market would want to invest now.
According to the New York Times, bankers do report that real estate has bottomed out, and that now is the time to step in and buy a home. And while most of us can’t afford the million dollar condos like investment bankers, now is still the best time to buy a home for most people.
In many areas, property values have steadily dropped and bottomed out. For many cities, housing prices have already begun their recovery, while in other areas home buyers still have time to buy their dream home before prices rise. Combined this with low mortgage rates that probably won’t last long, and the tax credit, home buyers who were hesitating to buy a home aren’t likely find a better opportunity later on.
Not long ago, we also reported that couples are now putting off their wedding to buy a home first. For many people, the choice is either to buy a home now, or wait and save a long time for a home. In populated cities like New York or Los Angeles, real estate has always been scarce and expensive. Home buyers are relying on this opportunity to finally own a home in the city they work in.
(Photo courtesy of Daniele Sartori.)
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- Getting the Best Possible Deal in Today’s Real Estate Market …
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