With Our Economy,
Is It a Good Time to Buy a Home?
With our economy, is it a good time to buy a home? Some would argue, "No, it's a terrible time to buy a home" while others would say, "YES, now is the perfect time to buy a home!"
Allow me to explain...
Our economy is certainly shaky for all Americans right now. We are learning more disturbing news each week. And, yes this news hits close to home for many of you that may be reading this website. You hear about and see the foreclosure signs and properties in your areas. For many first time home buyers, these reports are enough to scare them from venturing out into homeownership.
But, for many others...they see these times as opportunities!
Allow me to further explain...
If you have prepared yourself to purchase a home, then NOW is the PERFECT time.
So, you're wondering...What does it mean to be PREPARED?
- Your credit is strong enough to get a good interest rate
- You have saved up money for your home purchase
- You are disciplined in paying your bills on time
- You have prayed about your decision to purchase a home
- You have educated yourself about the home buying process.
You're also wondering..."Why is it a PERFECT time to buy?
- Interest rates are still very low
- Sellers are very motivated to sell their homes
- Buyers will gain automatic equity in most home purchases
Let's talk about sellers and how they have created "A good time to buy a home" environment for buyers.
With the exception of misfortune, (which we don't wish upon anyone) SELLERS ARE MAKING GREAT DEALS!!!
In the world of real estate, there has always been the term "Motivated Seller" but, they weren't as popular or recognizable back then as they are today.
Today, many sellers fall into the "Motivated Seller" category for various reasons: bad mortgage loans, lay-offs, down-sizing, divorce, death of a spouse, upgrading to a larger home, moving from faster cities to slower cities, and the list goes on and on.
But, one thing is constant: THEY WANT OR NEED TO SELL THEIR HOME!
This is where the market becomes favorable for the buyer. Unfortunate for many of the sellers, but great gain for the buyers. And in retrospect, many of the sellers will receive the same benefits you receive as the buyer when they become buyers of their new homes (so, it still usually balances out in fairness).
In close, it is a good time to buy a home if you're prepared and feel confident that you will be able to financially afford the obligations of becoming a homeowner.
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