Survey Says.......Now Is A Great Time To Own A Home - 6 Reasons Why
Back when we bought our first home, buying a home was easy. We were a military family with a fixed income. We purchased a home with VA financing, 8% interest, with payments of approximately $300 a month. Now that was great! No money down.....money for the payment was on time every month......what more could we want! Oh, I forgot to mention, homes were very affordable back then too.
Times have changed and so has the Springfield real estate market. I've read several articles lately that say now is a great time to own a home. Some of the reasons why are:
1. Prices have dropped on homes across the country. In our area, I've seen about a 30% drop over the past several years. 30% is a huge difference in a house payment.
2. Interest rates are matching some of the all-time low rates of 4.3%. What I would have given for 4.3% when I was raising a family. I assumed a mortgage in the early 80's at 15.875%. Buyers should be jumping for joy and buying everything they can right now. We haven't seen interest rates as low as 4.3 % since the 70's.
3. Lower prices mean paying less income taxes. And sometimes you can go to the tax assessor and have your real estate taxes lowered since you purchased the home for less than it originally was assessed for. Compared to monthly rental rates, owning a home could be less.
4. No more landlords! It's yours to fix anyway you want. Improvements are for your taste, without worring about fixing someone else's place.
5. You get more for your money right now. With all the short sales and foreclosures out there, there are many great Springfield Mo homes to choose from. In some markets there's over a year's supply of homes on the market.
6. Buying at the bottom of the market is like buying equity later on. It's like working the stock market....When the market recovers, prices go up.
Let's take a survey. How many say it's time to buy a home?
Home buyers, what are you waiting on? It may be another 40 years before we see interest rates like this again. Start today building your future and BUY A HOME!