Why Now Is A Good Time To Buy A Home
Choosing the Right Time
Figuring out the right time to buy a home can be frustrating. A lot of things come into play. Some people want to wait for interest rates to go down while homeowners may want to sell, but decide to hold off until they can get a higher price. It can be a hassle … enough to pull your own hair out as your wrestle with your own mind. But there are a few things to keep in mind.
“The best time to buy or sell a home is now!”
This old real estate adage remains true even today. It’s obvious interest rates fluctuate and change, providing you better deals, but other factors will show you that no matter what, it’s still a good time to buy a house. The reason is this: The weeks and month spent waiting for a better interest rate (even if it arrives) will be canceled out by the higher home price.
An easy example is if Homeowner Joe decides to wait for his property to rise $2,000 before selling his $100,000 home, he’ll still end up paying an extra $4,000 on a new $200,000 house. Everyone is on the band wagon of making profit by selling their house for a higher price – all so they can afford a bigger, better home. So it makes no difference when you decide to buy or sell. Now is always the best time to buy or sell a house.
Other Reasons To Buy A Home Now
Renting Isn’t A Good Solution – With the housing collapse and rise of foreclosures, demand for rentals has risen dramatically. As a result rental prices have gone up while home prices are at an all-time low. Initially, renting has lower cost and can help you get settled into a new area. However, over time the value of owning a home is more beneficial and will save on costs.
Click Here to use the NYTimes’ Rent-Buy Calculator to see if you should rent or buy.
The Housing Market is Rebounding – The decline of home prices hit an all time peak in 2006, but today, they are on the rebound. Mortgage rates are better and the government is proactively helping the real estate market. If you buy a home today, you can feel a bit of confidence that the value of your property will go up – if even a little bit. Prices aren’t going to soar away, but at least they’re stabilizing. And that translates to a strong housing market.
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