6 Reasons to Buy a Home in Today’s Market
What is a buyer to think with all of the conflicting reports that they hear on a daily basis from the media? I can understand why they are so confused when it comes to purchasing a home. Is it the right time to buy? Should I wait until the prices go lower? Will I qualify for financing?
Just because there are less foreclosure and short sale opportunities on the market at this time doesn’t mean you won’t be able to make a great deal. There are many homes for sale by their owners that are ready to make a deal. A good real estate agent will be able to guide you on finding a fabulous place for a decent price. This is a win- win situation for both the buyer and the seller.
Inventory is at an all time high! Have you fantasized about going shopping for a home? Right now there are so many homes for sale that you can actually pick or choose one that you will fall in love with. In the past there were so few homes for sale, you had to make an on the spot decision or you would miss out. Right now there are homes that are beautifully remodeled and there are homes that can be bought and fixed up to your specifications.
Interest Rates are at an all time low! Do you know what this means? You can afford more home at a really fabulous affordable price. 30 year fixed rates are around 4% and 15 year fixed rates are around 3.75%. If inflation picks up, you won’t see these super low mortgage rates continue.
Affordability factor! Home prices in our area are reaching the bottom. You say that you want to wait to buy until the prices bottom out…..how will you know when that is? The only way you will find out is when the prices start heading upwards again.
Let’s make a deal! Don’t forget that this is a buyers market. Most of the buyers have decided to sit on the bench and wait. This is your opportunity to negotiate with hungry sellers who really want to sell their place so that they can upgrade or move on.
Tax saving! Do you realize that you can deduct both your mortgage interest and property tax if you itemize your tax deductions? If you have a good income, tax breaks can be very valuable to your bottom line.
Pride of ownership! Just think, you can paint your walls any color you want, get the pet you always wanted but couldn’t have in your apartment, or just have people over to your home for a friendly gathering. It’s your home and these are some of the perks of owning it!
One day the market will mend! Homes will sell with some regularity once people are employed again. That day is right around the corner. If you have a secure job and some money saved up, now is the time to make that move. Don’t wait until the spring market if you don’t need to. Take advantage of the above reasons and get out there and shop!
Betty Bondi
Bondi Realty Group
203-899-9990