A Good Opportunity to Buy a Home?
Not only could this be a great time to buy a house, it could be the best time in years. Home buyers seem most interested when prices are high. We should be more interested in buying a house when they are selling for less. That’s right now.
Let’s suppose you have a home that you owe $150,000 on, which was worth $210,000 just three years ago. Maybe values have dropped by 10% in your area of the country since then, so it’s now worth $189,000. It might seem that this is a terrible time to sell. On the other hand, if you had plans to move into a larger home at some point, this may be the best time.
So Why may this be the best time to buy real estate?
Now, if you have the financial ability, you might want to purchase the new home without selling your existing house. You can rent out your current property and wait for until you can 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 Buying and Selling your next property Visit:Quinte Real Estate or Port Credit Real Estate
