Here's one of the consistent things a real estate professional will tell you -
It's a good time to buy; sell; other...
You know what I mean - and most of you know that I have amor plating agains this stuff...
So, let's investigate, because it actually holds true at the moment - As much as I would tell you , you should have bought a few years ago when prices were really low - well, that sentiment just doesn't do anything for anyone at this point, opportunity passed.
However, looking at home prices and interest rates, now IS a good time to buy, and here's why:
Home Prices -
For the past year, the market has been, well, normal - so homes are staying on the market longer - as in 2-3 months is normal. When homes are staying longer, prices are not driven up in the same way, so as a buyer, you not as likely to get into a bidding war over a house. This means you can currently buy a house a good market value, and there is a chance the seller will work with you to get the house sold.
Interest Rates -
This is the other part of the puzzle, and we just learned that the Fed is not planning to raise rates this month, but it has been 5+ years of REALLY low interest rates and the economy is stabilizing, job market is looking much better and all in all, things are slowly moving back to normal, which means, interest rates are going to start climbing again.
Right now, a well price house and an interest rate around 3.750-4.0% makes for a good deal in every way.
Consider that is rates go up by 1%, your mortgage payment will increase a good deal.
Bottom Line - Now IS a good time to buy a home and start paying yourself instead of paying someone else to get rich!
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