Buying a house is a big decision, but don't let scary headlines deter you. There are great deals to be had in today's market.
What do first-time buyers really need to know about today's market? Here are some things to consider.
· Interest rates are at historic lows, with 30-year fixed rates between 4 and 5 percent! This is incredible. Imagine the difference between an interest rate of 4 percent and one at 13 percent. For a $100,000 with 3.5 percent down, you'll find a payment near $568 a month. For the exact same home at 13 percent you'll see a monthly payment of just over $1,000.
· Home prices fell after the bubble burst, leaving affordability rates at generational highs. This means there are great deals to be had. In addition, there are a large number of foreclosure and short sale properties available, sometimes at even more savings.
· There are reasons to buy other than just making a sound financial investment. If you plan on remaining in your home for many years to come, then now is a good time to buy regardless of pricing fluctuations. The social benefits still remain strong and your home will be an investment over the long-term.
· Hiring a knowledgeable real estate professional can be an excellent first step on your way to finding the right home for you. They can help answer all of your questions about the process. There's no reason to go into this process blindly. Let them guide you.
PDS Real Estate is a brokerage that services Franklin, Delaware, Union, Madison and Fairfield counties. Contact at us 614-527-7724 or by email susan@pds-realestate.com
Visit our web site www.pds-realestate.com
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