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Is It Time To Buy A Home To Take Advantage Of The Present Market?

Feb 7, 2008
The current financial conditions are something to be considered by people who want to buy a home. There are three conditions that may help make an educated decision. The three market conditions are: lower house prices, larger number of homes for sale and lower mortgage rates.

If you have seen the news lately, you probably think like everybody else that it isn't a good time to buy a home. However, after you look at the three factors mentioned above, you may reconsider your decision. After all, successful people have been known to make good financial decision by going against what the majority of people are doing at a given time.

One of the positive factors right now is the lower home prices. House prices have been decreasing for over a year. This means that you can purchase a house for about the same amount of money you could buy it over a year ago.

The next factor is the large number of houses for sale. Having so many houses in the market gives you the ability to choose among many different types of homes. With so many houses available, you have a better chance to find the type of home you want in the neighborhood that you want.

Also, having so many houses available in almost any given neighborhood makes the motivated seller be more willing to lower the price of the sale or negotiate the terms of the deal. In most cases, you can either end up with a lower price tag or you may find the seller willing to help you with closing costs.

Another positive factor about buying a home now is the lowering interest rates. The interest rates have been lowered several times during the last few months and are at one of the lowest levels seen in the last years. This translates in important savings on your mortgage monthly payments.

Low interest rates mean that you can save a few hundred dollars every month. Although, it may seem like small money, it can easily amount to many thousands of dollars over the life of the loan; Money that you can use to pay personal debt, make home improvements or to invest in your retirement.

There are a lot of people who think that buying a home right now is a bad decision because of the chance that home prices will go further down. Actually, it's hard to tell how much lower prices will go down or how long it will be before they come back up again.

However, if history can be used to understand economic cycles, it shows that real estate always ends up going up again. As a matter of fact, housing has been one of the most secure investments.

Giving all these factors, buying a home now may be the right choice to take advantage of the current market conditions. Of course, it depends on how long your individual financial circumstances and on how long you plan to be in your new home.

If you plan to stay in the home for only a few years, then buying a home now may not be a good choice. However, if you plan to make the house your new home for many years to come, then buying a house is something you should seriously consider.
About the Author
Igor Buces is a mortgage broker and commercial loan consultant. You can read interesting articles about home loans and commercial loans in his Miami mortgage home page and his commercial loan site.
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