Is this the right time to Buy a Home?
Could this be a good time to by a house? It may be the best time in years. For some reason, home seekers seem most interested when prices are high. But just as we all like to see a “20% off” sale on our favorite consumer items or groceries, we should be buying a house when they are selling cheap.
Let’s suppose you have a home that you owe $150,000 on, which was worth $210,000 just three years ago. Maybe values have dropped by 10% in your area of the country since then, so it’s now worth $189,000. It might seem that this is a terrible time to sell. On the other hand, if you had plans to move into a larger home at some point, this may be the best time.
So Why may this be the best time to buy real estate?
Now, if you have the financial ability, you might want to purchase the new home without selling your existing house. You can rent out your current property and wait for until you can get more for it. But if you need to sell to buy, now is the time.
Not since the Great Depression has there been such a massive decline in the prices of properties. You can call it a crisis or a correction, but it is just as meaningful to call it a sale. There is no guarantee that we have reached the bottom on prices, but at the you know you are paying substantially less than you would have a couple years ago.
What if this is your first home purchase? Well, it still makes sense to purchase something when it’s on sale. Interest rates are still really low and it’s tougher to get financing now. You can feel better knowing that banks and other lenders are not allowing borrowers to get mortgages they can’t afford.
Houses on sale, interest rates still near all-time lows, and lenders no longer pushing mortgages that get you into trouble – this may be the best time to buy a house.
For more material on purchasing and Selling your Home Visit:Royal Lepage ProAlliance or Port Credit Real Estate
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