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Yeah these are nice floors. I really like them.
Announcer: Tom Arnold is shopping for a house and his timing could not have been better.
Tom: I can basically buy much more house than I could have bought two years ago or even a
year ago.
Jill Schlesinger: But Arnold knows he needs to act fast because the window of opportunity could
soon be closing. Jumping into the real estate market now may seem risky but the recession has
created a great chance for homebuyers and there are three reasons why you may want to get into
the game now. First, home prices are down 30% nationally and buyers are still in the driver's
seat. So if a property has been sitting on the market for more than ninety days consider bidding
below the asking price. Second, mortgage rates are hovering near record lows. Lock in a thirty-
year fixed rate before rates inch back up. Lastly, a federal homebuyer tax credit is expiring soon.
You must close the deal by April 30th to quality for up to $8000 for first time buyers and up to
$6500 for repeat buyers.
It's really a chance of a lifetime for renters who are thinking about buying; because in a lot of
places you can buy a home for less than it's going to cost to rent.
Jill: Low prices, low interest rates and a tax credit to boot creating a perfect storm for
homebuyers. From Moneywatch.com I'm Jill Schlesinger.
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