Some economists argue that home prices will not begin to recover before 2011, and urge homebuyers not to buy till 2012 ...and certainly, as military service members and veterans, you could afford to buy now, or wait a bit longer.
Before they were famous, many truly influential men and women started by serving their country in the US military or grew up in military families.

Lower Home Prices Plus VA Mortgages Equal a Happy Military Homecoming

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It's not news anymore: the real estate market has seen an unprecedented decline in prices and surge in unsold inventory from its peak, to the end of 2009 so far. It's a buyer's market for homebuyers.

Some economists argue that home prices will not begin to recover before 2011, and urge homebuyers not to buy till 2012 ...and certainly, as military service members and veterans, you could afford to buy now, or wait a bit longer. You always have VA home loans available at the best rates, whatever the price of the home you want to buy.

But now could also be a good time to use your VA home loan, should you find the home of your dreams has finally fallen into your price range and become affordable at your current military salary level.

HOME SWEETER HOME

Consider this: home prices have fallen by 50% or more in parts of Florida, Nevada and Arizona. That's a stunning discount which when coupled with low VA mortgage rates. The combination gives a whole new meaning to affordable housing.

In fact, in 2009, you would need 37% less income than you needed just two years ago to buy the average American house.

If you're thinking about buying a home for your military retirement, think about this: the typical second home now costs $150,000, down from $204,100 at the peak of the real estate market.

The Obama administration offered a stimulus to homebuyers, with $8,000 in tax credits for first-time buyers - an amount that would cover nearly half of a standard down payment on a typical home priced at $165,600, just a little above the median home price. That program ends in 2009, but continue to look for added cost-saving incentives for military and civilian homebuyers ready to take the plunge.

ADD PROPERTY TAXES INTO THE COSTS OF MILITARY HOMEOWNERSHIP

Maybe you've returned from military deployment, eager to settle down in your own home. Or maybe you see your upcoming military retirement as your opportunity to buy a home in a place you've always wanted to live. That's all good timing, because lower home prices are everywhere, even in sought-after luxury retirement locations such as Naples, Fla., Scottsdale, Ariz., and Hilton Head, SC.

One caveat: don't forget to factor property taxes into the cost of home ownership. Property taxes in these locations, as well as most others, are not decreasing much if at all.

Even in an economic downturn, qualify for a VA mortgage and military homeownership is possible, available and reasonable. Just look at all the tax implications in consider your complete debt-to-income ratio so you'll be fully prepared to enjoy your home, maintain your lifestyle, and make the most of your military salary, pension or military retirement funds.



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