This simple rule of investing is rarely mastered because it runs counter to our emotions. As we move through the current cycle of the housing market we should listen carefully to the words of the wealthiest person in the world, Warren Buffett, who said “Be fearful when others are greedy. Be greedy when others are fearful.”
There is no doubt many people are fearful because the worldwide economy and housing markets are hurting. Nevertheless, the smart investor understands that NOW is the time to invest in assets that have lost value over the past 12 months.
Want to be a hero? Talk to your friends, co-workers, cousins, nieces and nephews that are currently renting an apartment or sharing a room. Now is the BEST time for them to take the first step toward financial security by purchasing a home of their own. As an added bonus, many home buyers may be able to take advantage of the First-Time Homebuyer Tax Credit offered by the federal government.
Without a doubt, this could be an opportunity of a lifetime. According to mortgage specialist Carson Vaughn, this government program authorizes a tax credit of 10% of the purchase price on a home (up to a maximum of $7,500) for qualified first-time home buyers. The home must be purchased on or after April 9, 2008 and before July 1, 2009. The full tax credit is available for a single person with adjusted gross income (AGI) of less than $75,000 and is phased out up to $95,000. A married couple is eligible for the tax credit with adjusted gross income (AGI) of less than $150,000 and phased out up to $170,000. Anyone who has not owned a home in the last 3 years is considered a first-time homebuyer. The tax credit of $7,500 has to be paid back to the government over the next 15 years. It is essentially a tax free loan.
To find out how to capitalize on the current market don’t hesitate to contact us. We’d love to answer your questions and help you take advantage of the current opportunities.
You can find us at: 9600 Escarpment Blvd H930 | 288.8088 | partners@AUSTINREPS.com
Or, for more information on the first-time homebuyers tax credit or other financial concerns, contact Carson Vaughn of Advantage Mortgage Network at carson@amnetloans.com | 512.439.7555
