Times may be tough, however, this is an excellent time to buy a home. Many vendors are looking to sell and are offering incentives to purchasers. This is particularly true if you are considering buying brand new from a builder. If you are qualified to buy a home and the purchase makes sense, here are some reasons why now may be an opportune time to act.

1.Large Selection: In many locations, there are a large number of homes to choose from. A large selection obviously gives you many choices. Sellers who have had their homes on the market for months are beginning to realize the reality of the situation. Home prices have dropped in many areas and asking prices should drop too. As a buyer, you can take advantage of this situation by having lots to choose from at very good prices.
2.Affordability: Prices have dropped thus making homes more affordable as compared to a few years ago. Interest rates are also very low. This combination makes buying a home even more affordable. You can take advantage of this by being able to afford a home that you might not have in the past. As a qualified buyer, you are in the driver’s seat.
3.Land Transfer Tax Refund: If you are a first time buyer, you may be eligible for a refund of all or part of the Land Transfer Tax. The maximum amount of the refund is $2,000. You must qualify for the refund and there are a number of criteria that must be met. In order to understand the rules, consult with an experienced real estate lawyer.
4.Builders of new homes are becoming very creative and are prepared to offer incentives to get you to sign on the dotted line. They are also getting very creative with their pricing. You can negotiate a very good deal. As well, a new home comes with a Tarion warranty. You can also negotiate on the extras and options that come with the new home. Make an offer and it might be accepted
5.Interest Rates are at historic lows: It is not just the price of the home that affects its affordability. The mortgage terms will impact your monthly payments. You will still need good credit and a decent down payment in order to get a loan. As I always recommend, get a pre-approved mortgage so that you know how much you can afford. This will help you when you start looking with your realtor.

Time and time again, it has been proven that real estate is a good investment over the long haul. Despite legitimate concerns over economic conditions, this remains an excellent time to buy a home.