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Tags: finance, home equity loans, buy your home now or later
 The economy is in a downturn right now and that is something even pundits of either inclination cannot deny. This is most apparent in the state of our real estate market today—$100 houses anyone? With that in mind, many have been asking whether now would be a good time to buy a home? Is it? Should you buy your home now or later? Depending on who you ask there are experts who claim you should buy a home now and those that say you should buy a home later.
There are those who say the real estate market will still be struggling for the next few years while there are those who claim it is now starting to mend. Let’s look at the possibilities. If you really want to buy a home and it’s you’re first one then you can get the First Time Homebuyer Tax Credit of $8,000.
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And since this is a tax credit you don’t have to pay it back to the government. Many experts see today’s housing market as a buyer’s market since many are losing the ability to pay for their houses many are selling at fire-sales with low prices. In short, if you want to buy a home, affordability is in.
A reason for that affordability is the large inventory of houses available for purchase. And these numbers may go up as more and more homeowners become jobless or suffer cutbacks resulting in more foreclosures. At the same time you should take the opportunity to take advantage of the current Low Interest Rates.
Because of these Low Interest Rates when you buy a home you’ll be paying significantly less costs in the future. And if you’re looking at newly built homes you may be in luck. Builder’s are also out in force giving out huge discounts. An advantage of getting a completed house is that you get a warranty not only on the house itself but also on the appliances as well.
It has been recommended to get a pre approved mortgage when you talk with a builder. If you don’t get an agreement then walk out. Chances are they will call you back and agree to your deal. It comes down to economics after all—better to get this sale done than lose it altogether.
That being said, it does not mean that everything I have enumerated above would be true across the board. You would still need to look into the specific area you want to buy a home in so you can get an idea and do the comparison. Take the time to look over the property so you can find one that suits your needs, your finances, and your lifestyle.
Don’t buy a home just because it’s cheap. You also need to look at its location and its environment. But it cannot be denied that as of now we have the most favorable of all market conditions—low mortgage interest rates, low housing prices, and high inventories. How long this may last is anyone’s guess—for all you know it can disappear tomorrow.
At the same time the economy can improve so you can lose out on incentives that are available right now. In the end the one to decide when to buy a home is you. Using information that is available is one way to make sure you make the right decision for yourself.
About the author
The author of this article Rick Goldfeller is a successful underground Financial Analyst who has been advising and coaching individuals for many years. Rick recently published a book on how to manage your money and attract Wealth and Financial Freedom. More info on his Finance Planning course is available HERE.
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