As we all know, most home prices across the Yampa Valley have dropped. This has created a huge opportunity for people to enter the Steamboat real estate market. Did you know that paying rent monthly at $1,500 a month over two years is $36,000! Even $1,000 rent is $24,000. A lot of new buyers don't realize all of the tax advantages of purchasing beyond the $8,000 tax credit. (Remember that the first time homebuyer tax credit requires that you are under contract by the end of April and close by the end of June.) Due to the tax benefits and special programs available, you may be able to get into a property for $200 less or more a month than you are currently paying right now.
Kathryn Pedersen of Yampa Valley Bank has a rent to own program that will calculate the estimated tax benefits for your specific scenario. Please contact Kathryn if you have any interest in seeing your individual financial benefits of purchasing a Steamboat property for sale.
According to the Survey of Consumer Finances by the US Federal Reserve an average homeowner's net worth is $171,700 versus a renter's net worth at $4,800. That alone is huge proof that it makes sense to purchase. With prices down, rates low, and lots of properties for sale in Steamboat Springs CO this is the perfect time to purchase a home.
You can contact Kathryn Pedersen of Yampa Valley Bank at 970-875-1609
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