With housing prices depressed as they are more people are qualified to be 1st time buyers. Interest rates are still low and the question becomes buy or rent? They are trying to make the right choice and they are worried.
In some case the price of owning is the same or nearly the same as renting. For some that have job security they can take advantage of low interest rates and low prices. This is rare in a down turn. Plus there is a tax credit in addition to the other good qualties of the market.
First in this situation you must ask yourself how long do you plan to live in the property? There are costs to buying and to selling it would be best if you were not planning to move for 5 years. Some of the costs are the brokerage fees, title, escrow, transfeer fee, closing costs the points to a loan, subescrow fees, this could amount to 8.5% to the seller side and 2% to the buyers side (typically).
Can you handle the cost of homeownership, mortgage, association, and tax and maintance of the property? If you are comfortable with the cost them proceed and purchase the home.
What is your job status and the chance of maintaining the position? If your career is stable then purchasing is a definit consideration.
If you need help considering your situation please contact me.
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