For many people the current state of the economy is a source of much fear. They were planning on purchasing a new home but with the uncertainty they decide to put their plans on hold. So when is the right time to buy?
Now. I know what you’re thinking, really? Now? Yes, now. Let me tell you why it is such a great time to buy.
The price: For starters numerous builders are offering incentives and price reductions on a brand new home. This means that you get a gorgeous home, for a fraction of the price that you would have paid for it a year ago. Not only are the builders offering incentives but sellers are also. This is a buyer’s market. With homes not moving off the market as quickly sellers are more likely to negotiate which means a better deal for the buyer.
Mortgage Rates: Next mortgage rates continue to drop. These rates mean that you can borrow and pay a much lower interest rate than normal. Who can complain about paying less interest and more straight to your principle?
Options: Like I previously mentioned it is a buyer’s market. Homes that may have been out of their price range before are suddenly attainable. Seller’s are proving to be a little more motivated, throwing in some work on the house for a deal and other options like that to make their home a little more appealing.
Great Investment: The housing market always cycles between peaks and valleys. When buying a home you are choosing to make an investment. Just like the stock market when shares drop in a worthwhile company you buy more rather than bail because you know it’ll rise again. The housing market will be booming again in which case you do not want to be a buyer, rather you want to be on the receiving end of a seller’s market.
If a person is looking for a reason why it is not a good time to buy they will usually find it. I encourage you to look at your finances, your job stability, and then go for it. If you were planning on buying a house now is the time, let me know when we can begin showings!