From the Austin American Statesman

ASK AN AGENT
July 26, 2009

We've been renting a house. Why is now a good time to take the plunge and buy one?

Adam Sadovsky, Keller Williams Realty: Never before has the government given such huge incentives to help first-time home buyers realize the American dream. When you put the tax credit together with the drop in the market during the past year and interest rates still being as low as they are, it's the perfect time to purchase.
With interest rates near record lows and house prices at their current levels, you can now afford more house than before, as more of your payment would be paying down your principal versus paying the bank for borrowing the funds. Think of it as a sale; the houses are on sale, the money is on sale and you also get a "rebate." This offers you considerable savings during the term of your loan.
If you're thinking about making the plunge, the first thing you would want to do is get in touch with a lender to find out if you qualify for a loan and for how much. After that, you would want to get in touch with a real estate agent to help you understand how the buying process works. Once you have decided on a property, your real estate agent will help you negotiate the price and terms of your purchase, and help guide you through the entire transaction.
After you close on your new home, you can amend your 2008 tax return so you can get your tax credit, up to $8,000, within a few weeks. As it stands now, you would have to close on your home before Dec. 1 to qualify for this program.