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Are you an existing homeowner? Have you been silently waiting and watching for the best time to buy up and get something better for your money? After waiting nearly five years after the big real estate meltdown in 2007, now seems to be the best time yet to get in on the action. Though many buyers are still wary of getting their feet wet with a mortgage during these still uncertain times, the very reason there are fewer buyers contributes to it being a soft market. And before the market changes, now is the perfect time to seize this great opportunity that may not be around for too much longer.
It’s Not What It All Seems
One of the reasons many homeowners are reluctant to move into a new home and sell their existing home is that the false impression created by the national market statistics paints an obscure picture. Contrary to what the media often portrays, foreclosures and short sales do not dominate the market in most areas. While there are certain harder hit states like Florida, Michigan, California and Arizona – where there is a much larger number of distressed properties on the market, the truth is that many states have begin stabilizing.
More Bang For Your Buck
For homeowners that do take the plunge and sell their home despite it selling for a lower than ideal price, they end up walking away from the bargaining table with a far better home for the same monthly payment – and they are left with equity in their home. Keep in mind that while you will have had to sell your home for a lower price, the home you are buying will also be sold for a lower price. Factor in seller concessions, low down payment requirements and the unbelievably low interest rates – and you have got the deal of a lifetime!
Affordability That Allows More House
Many homeowners gauge whether or not they can afford a home based on the amount of payment they must make each month. Given the historic low interest rates coupled with depressed housing values – the monthly payment for many homeowners that are buying up remains the same. In essence, by taking advantage of the current market, you are able to live in a bigger and better home for the same monthly payment as before.
Who Knows How Long This Will Last
As we all witnessed in early 2007, anything can happen in real estate and it can be the most unsuspecting occurrence ever. For those homeowners that are waiting around for interest rates to go even lower or housing values to drop even further – they may very well shoot themselves in the foot. Be careful not to wait too long. Industry analysts are already reporting stabilization in many markets, leading to a forecast of steady incline of interest rates. Housing values may drop a few more percent at best – but there is no way to tell when that point hits until they begin climbing again.
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Rather than finding yourself regretting not buying up when the opportunity was ripe – take the time to explore your options today. You might be surprised. Who knows – you may even find your dream home!
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