Real Estate
Is this the right time to Buy a Home?
February 10, 2010 by Tom Millar · Leave a Comment
Could this be a good time to by a house? It may be the best time in years. For some reason, home seekers seem most interested when prices are high. But just as we all like to see a ”20% off” sale on our favorite consumer items or groceries, we should be buying a house when they are selling cheap.
Of course, if you already have a home you might hesitate to move up to a larger one now. Given the number of people in over their heads on their mortgages, it makes sense to be cautious. But if you are hesitating because you don’t want to sell your current home at these lower prices, think again.
So Why may this be the best time to buy real estate?
If you have the means, you might want to buy the a home now without selling your existing house. You can rent out your current house and wait for prices to go back up and get more for it. But if you need to sell to buy, now is the time.
Not since the Great Depression has there been such a decline in the prices of real estate. You can call it a crisis, but it’s really just a ”sale,” so yes, it’s may be a good time to buy a house. Of course there is no guarantee that you would be buying at the bottom of the market, but at the very least you know you are paying substantially less than you would have a couple years ago.
What if you’re a first time home buyer? It makes sense to buy something when it’s on sale – even if it’s a house. In addition, interest rates are still low and although it’s tougher to get financing now, this isn’t all bad. You can feel better understanding that banks and other lenders are no longer allowing borrowers to get mortgages they can’t afford.
Houses on sale, interest rates still near all-time lows, and lenders no longer pushing mortgages that get you into trouble – this may be the best time to buy a house.
For more material on purchasing and Selling your Home Visit:Royal Lepage ProAlliance or Lorne Park Real Estate
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