7 Reasons Why Now Is A Great Time To Buy A Home In West Chester, Beckett Ridge, Liberty Township and Mason!
-It’s prime time to buy a home –
Reason #1: Homes have never been more affordable. For individual home buyers there are only a few facts that really matter. Can I afford this home? Is it a good investment? Does it meet my family’s needs? So it’s a bit surprising that the most important statistic has gone largely unreported: homes have never been more affordable.
Reason #2: Mortgage rates are at rock bottom and won’t stay there forever. The national average for a 30 year fixed rate mortgage dropped to 4.36% in August 2010 – lower than it’s been in the past half century. Interest rates for the same time last year averaged 5.19%, representing a difference of $90 in the monthly payment on a $200,000 home with a 10% down payment.
Reason #3: Prices are trending back up. Every major price index points to a housing market that has hit bottom and is moving in a positive direction. After 30 months of declining home values, home prices appear to be stabilizing. In other words, staying on the fence and waiting for prices to drop further is over!
Reason #4: Seller’s are motivated! When supply exceeds demand, buyers have the upper hand-and that’s where we are now! The current supply of homes for sale currently exceeds the number of homes being put under contract by a large ratio. At the same time, recent market upheaval has given rise to a surplus of foreclosed properties that banks are eager to sell, and an increasing number of listing agents are also negotiating “short sales” with banks to sell their clients properties at a price that’s less than what they owe on their mortgage.
Reason #5: Lenders are back in the game! The subprime mortgage crisis brought underwriting standards back into the mortgage origination process. And while the final quarter of 2009’s financial meltdown led to a sense that financing had dried up, mortgage funds are now available. If you have a job and can afford the payment, chances are you’ll qualify for a mortgage.
Reason #6: Ownership costs are dropping below rental costs! The recent downturn in the housing market resulted in a drop in rental rates, but rents are back on the rise while the cost of homeownership has dropped.
Reason #7: Home ownership remains at the core of the American Dream! A recent Fannie Mae study reveals that the majority of Americans still aspire to own a home – and a for good reason. Owning a home is critical to financial stability and wealth building. A home serves as a forced savings account and provides a solid asset, as well as a place to live.
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