According to multiple financial experts now is the best time to buy a home. A recent article in the Wall Street Journal provides a compelling medium range view of the housing market in relation to the greater economy and overall US population. The article discusses the growing need for home, the lack of new home construction and points to probable scenario that the vacant and distressed homes will soon be taken up by growing population that needs housing.
9 reasons to buy a home now.
Forbes has a complimentary article, pointing out 9 reasons to buy a home now. The article gives some detail on each point. I have posted just a few of the points to reiterate the point that the market strongly favors home buyers presently.
Lowest Housing Prices in Years – As the market corrects the prices in some neighborhoods will begin to rise. While most observers agree that the real estate market as a whole is down certain neighborhoods are holding their value.
Interest Rates at a 50-Year Low – The FED continues to hold down interest rates and that is creating an artificially low borrowing cost. This low FED rate is also making Adjustable Rate Mortgages very affordable as well.
Interest Rates Expected to Go Up – Low rates, like most good things in life, will not last. If inflation begins to take shape expect the interest rate to go up.
Home Builders and Homeowners Eager to Sell, Offer Incentives – Some homeowners are eager to move on, and in some cases take a loss on their home. Not all neighborhoods are experiencing property value decline across the board so make sure you have an experienced real estate agent like myself pull research and provide comparable sales before you decide to write an offer.
With a convergence of the factors above, all of which are favorable to the prospective home buyer, there may not be a better time to buy than right now. It’s a buyer’s market, but like everything else in life, the bargain deals won’t last. If you are looking for a home contact me at 513.518.1140!