Low listing prices, reasonable interest rates, and an abundant variety of homes to choose from are among a few of the reasons now is the perfect time for buyers to make a move in today’s real estate market. Current market trends and other factors have made conditions even more favorable for first-time homebuyers. Though becoming a homeowner comes with huge responsibilities and financial commitments, first-time home buyers should take advantage of the market over flowing with opportunities. The following tips will help ease the mind when considering the smart purchase of your first Virginia Beach home. 

1. Become familiar with the new first-time homebuyer federal tax credit.  

People who are considering the purchase of their first home, or have not been home owners for at least the past three years can gain great benefits from the first-time homebuyer tax credit. In February 2009 the American Recovery and Reinvestment Act was put in to effect, offering many new opportunities that lend a helping hand to everyone struggling in today’s times. The new legislation includes everything from home improvement tax credits to the popular first-time homebuyer tax credit. According to FederalHousingTaxCredit.com, qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009 will receive a tax credit of up to $8,000. Unlike past tax credits from 2008, the money received does not have to be repaid, unless the homebuyer sells the property with in three years. 

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