I was recently looking through some articles that I tear out from magazines and papers and came across one that is still very applicable in todays market. Here is my version of the article.
Q. " We keep hearing prices are still falling, so why should I buy now?"
A. As a buyer, cost should be your primary concern. That means you have to take into account what your monthly payment will be, which is not only the price of the home but the interest rate of your mortgage. While home prices may continue to decline, rates may be on the rise. A raise in interest rates could have more of an impact on your monthly payment that a decrease in the price of the home. You should talk with your lender for more detailed information.
Q. "Will my home appreciate if I buy now?"
A. Appreciation varies by market , so it's important to look closely at local pricing trends. NAR (National Association of Realtors) project home prices to grow slightly in 2011. A recent survey with Macro Markets LLC show a cumulative appreciation of more than 10 percent by 2015.
Q. "Why should I buy instead of rent?"
A. The Fannie Mae National Housing Survey shows that four of the biggest reasons people buy a home has nothing to do with money. The reasons are:
- place to raise and educate their children
- place where family will feel safe
- plenty of living space
- control over the space
However, you also will own property instead of giving it to someone else as well as taking pride in ownership.
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