I think it is a great time to buy a home!
As you can see by the graph below, homes are more affordable then they have been in years, maybe more then ten years in some areas! Home buyers have more to choose from and they can afford more. That is why I think it is a great time to buy a home!
And, as you can see by the graph below interest rates are still at historically low levels. Allowing home buyers to purchase the home they want and have lower payments. There are still great loan programs and lenders are still doing loans. That is why I think it is a great time to buy a home!
If you are one of those who think maybe it would be better to wait until the market hits bottom, you could be making a big mistake. There are many people in Washington and Congress who would like to make it madatory that to buy a home people should have 20% down! I will write more about that later. Also, what if interest rates start going up, I have seen interest rates go up 1% in a single DAY! How will that change your buying power? I will write more about that tomorrow.
I really do think ii is a great time to buy a home!