April may very well be the right time to buy for those who have been trying to find the perfect time to purchase a home. In fact, waiting beyond the month of April could potentially result in losing tens of thousands of dollars when making a home purchase. Therefore, for those who are seriously considering purchasing a home should start looking for the perfect home right away.

Perhaps the most obvious reason to purchase a home in April is the fact that the Home Buyer Credit will soon be expiring. Although the credit was extended through to June, the contract for the purchase needs to be signed by the end of April. If home buyers purchase a home that costs $80,000 or more, they stand to receive a tax credit of $8,000 if they meet the criteria for the program. For homes that cost less than $80,000, the tax credit is equivalent to 10% of the purchase price. Considering the fact that most buyers take several weeks to find the right home, there really is no time to spare for those who want to take advantage of this great tax incentive.

Many people who have been thinking about purchasing a home have been watching prices closely, as it is no secret that housing costs have been steadily declining. According to many experts, most markets will be bottoming out in April. While it is impossible to predict when the prices will reach absolute bottom, it is safe to assume that most markets won’t fall much further than their April prices. In fact, those who wait until May to make a purchase may find that the costs are already starting to go back up.

As if there needed to be another reason for purchasing a home in April, the low mortgage interest rates provide yet another incentive to make a purchase. For the last several months, long-term mortgage interest rates have been hovering around the 5% mark and have even stayed below 5% for several weeks in a row. The Fed has recently put an end to the mortgage backed securities that have helped make the interests rates so low. As a result, many experts predict that interests rates will likely reach the 6% mark by the end of the year.

While there is no doubt that no one should purchase a home unless they are financially prepared to make the purchase, those who are prepared to take on the responsibility of home ownership will likely never find a better time to buy than April.

About the Author:
Eric Bramlett is the broker & co-owner of One Source Realty, an Austin real estate brokerage. One Source Realty helps select clients find central Austin real estate, as well as Steiner Ranch homes for sale. Eric working with select clients, helping his agents succeed, and relaxing at the lake with his wife & dogs.