As a result of these low interest rates and low home prices, you can spend a lot less and get a lot more. By locking in an extremely low interest rate, you will enjoy low monthly payments throughout the term of your home loan. Learn more about why it's smart to buy a home right now by checking out the following information.
It Truly is a Buyer's Market
Buyers have it made when it comes to today's real estate market. The same can't be true for people who are trying to sell their homes. If you have to sell your home before buying a new one, you may have a slightly more difficult time. That's especially true if you are currently underwater with your mortgage, which means that you owe more on your current loan than your house is worth. If you strictly need to buy a home and don't have to sell one, however, you are in really good shape.
Low Interest Rates
When buying a new home, it's critical to get a mortgage with the lowest interest rate possible. Having good credit definitely helps, but part of it is the luck of the draw. Interest rates fluctuate depending on several economic factors. A perfect storm of sorts has caused interest rates to reach record lows. If you have so-so credit, you can still get a loan with a reasonably low interest rate. If you have stellar credit, you should be able to get a mortgage with an incredibly competitive rate.
Rock-Bottom Home Prices
While it isn't necessarily true in every part of the U.S., home prices are generally at record lows in most places. If you run a property search for homes in your area, you're sure to find that prices have plummeted considerably over the last five to ten years or so. What goes up must go down, but the opposite is also true. Home prices are low, but they won't always be. It's important to swoop in and take advantage of those low prices before they evaporate. When paired with low interest rates, you should be able to find some incredible deals.
Foreclosed Homes and Short Sales
As if low interest rates and low home prices weren't enough, you can save even more cash on a new home by looking into foreclosed homes and short sale homes. When people lose their homes, banks are usually desperate to sell the resulting foreclosed properties. With short sales, homeowners who are ทาวน์โฮมมือสอง in danger of foreclosing work with banks and buyers to sell their homes for very low prices. In either scenario, buyers come out as winners. A little more work is involved in buying foreclosures and short sale homes, but the savings you'll enjoy should make it well worth it.
Buy Now and Save
If there's ever been a great time to buy a home, it is right now. You can get a lot more home for a lot less money, and you can snare low interest rates to enjoy affordable monthly mortgage payments throughout the duration of your home loan. Things won't stay like this forever. The real estate market can be finicky. If home prices or interest rates shoot up before you're able to buy a home, you will regret it. Act now to take advantage of this prime real estate buyer's market.
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