Owning your own home is part of the American Dream. It is a status symbol as well as a security. It is an investment into your future as well as a comfort. There are several reasons that you should consider for making your home purchase now.
1. Interest rates are low. They are hovering around lows not seen for decades. Buying a home at this time could be the perfect storm – low interest rates and low prices. Your monthly mortgage payments could be lower than the rent you are paying. You also can still get FHA financing which requires a very low down payment. If rates rise you might get priced out of the market for many years.
2. The real estate market might be at the bottom. Everyone has an opinion but no one knows for sure where the market is headed. Logic tells you that prices may be at the bottom and will perhaps stay there for a little while until the country recovers from the current recession. Don’t bother trying to time the real estate market to the day or month. If your time horizon for owning a home is five years or more than this is a good time to be a home buyer.
3. Do you really want to be a renter forever. Forget all of the financial aspects of owning a home for a minute. Isn’t it just nice to live in a home or condo that you own? You can decide what colors to pain the walls. You can decide if you want to change out the carpet. You get to decide if you want to remodel the bathroom. None of these things requires the approval of your landlord. Doesn’t that just feel good?
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5. Leverage. Right now it is a buyers market. As the inventory of homes decreases this leverage will eventually go away. Most real estate markets are moving towards equilibrium. Home buyers did not have the same leverage that they had a year ago. I imagine a year from now home buyers will have even less control. It is best to buy when the seller needs you more than you need the seller.
There will probably never be another time that home prices are so low in comparison to their true value. With low mortgage rates and a large variety of homes to select from on the market, there is not a better time than now to purchase your dream home.
Marc Rasmussen sells Downtown Sarasota real estate