I met with a client yesterday that had finally saved enough for a down payment. She is very hesitant to buy an apartment (especially in NYC) and I can understand why. We kept going through the numbers and while it is a bit of a stretch for her to buy an apartment. However, for many reasons, I think she should! My clients that own their own home have a higher financial net-worth!
One more reason to buy a home today. If you are a FIRST TIME HOME BUYER, the stimulus package can help you If your adjusted gross income is below $75,000 (if you’re single) or $150,000 (if you’re married and filing jointly), you are eligible for an $8,000 tax credit toward a first-time home purchase (this also applies to those who have not owned a home for the past three years). Given that interest rates today are extremely low and home prices have fallen in many areas (even in parts of NYC), this could work to your advantage too!