Should I Buy a House Now or Wait Until 2010 to Buy?
Should I buy a house right now or wait until the market improves? This is a common question among first-time home buyers. And with so many negative news stories about the economy and housing market, it's easy to understand why. It can be downright scary to make a large purchase in a bad economy.
In truth, however, 2009 could be a great time to purchase a home. Of course, only you can decide whether to buy a house now or wait until later, but you should make a well-informed decision about it. So let's talk about some of the benefits of buying a house in the 2009 economy.
1. Low Prices
In many cities across the United States, home prices are at their lowest point in decades. It's bad news for homeowners, but it's good news for buyers. Nobody can predict how far they will continue to drop, or when we will hit the so-called "bottom" of the market, but your home buying dollar certainly goes a lot further right now!
2. Low Rates
Much like home prices, interest rates are also at their lowest point in decades. At the time of this publishing, a well-qualified borrower could qualify for a mortgage rate of 5% on a 30-year fixed loan. By most predictions they will stay below 6% for the remainder of 2009. Experts predict they will stay in the This is one of the first things I point to when somebody asks, Should I buy a house now or wait until later?
3. High Inventory
Because of the housing crisis, there are more homes on the market right now than there have been for quite a while. Drive around your neighborhood and you'll see what I mean. So in addition to the good deals you can get, you'll have a wide variety of properties to choose from. This is another good reason to buy now instead of waiting until 2010.
4. Tax Credits
If you buy a house before the end of the year, you'll qualify for a tax credit of up to $8,000. This is part of the government's stimulus plan to get people buying, and you can learn more about it in the Home Buying Institute's tax credit guide.
Should I purchase a home now or wait until later? It's a common question among first-time buyers right now. Here's the bottom line on this subject. If you can get qualified for a mortgage loan (good credit score, sufficient down payment, etc.), this could be a very good time to buy a house. You'll have many homes to choose from, you could save a lot of money, and you might even qualify to a tax credit. What else could you ask for?
Let me close by saying this. I'm not in the market for a new home right now. But if I was, I would certainly take advantage of the market conditions in 2009. I wouldn't wait until 2010 because I think prices are going to start rising then. Mortgage rates will probably be higher then too. So I would buy a house now instead of waiting. But that's just me.
In truth, however, 2009 could be a great time to purchase a home. Of course, only you can decide whether to buy a house now or wait until later, but you should make a well-informed decision about it. So let's talk about some of the benefits of buying a house in the 2009 economy.
1. Low Prices
In many cities across the United States, home prices are at their lowest point in decades. It's bad news for homeowners, but it's good news for buyers. Nobody can predict how far they will continue to drop, or when we will hit the so-called "bottom" of the market, but your home buying dollar certainly goes a lot further right now!
2. Low Rates
Much like home prices, interest rates are also at their lowest point in decades. At the time of this publishing, a well-qualified borrower could qualify for a mortgage rate of 5% on a 30-year fixed loan. By most predictions they will stay below 6% for the remainder of 2009. Experts predict they will stay in the This is one of the first things I point to when somebody asks, Should I buy a house now or wait until later?
3. High Inventory
Because of the housing crisis, there are more homes on the market right now than there have been for quite a while. Drive around your neighborhood and you'll see what I mean. So in addition to the good deals you can get, you'll have a wide variety of properties to choose from. This is another good reason to buy now instead of waiting until 2010.
4. Tax Credits
If you buy a house before the end of the year, you'll qualify for a tax credit of up to $8,000. This is part of the government's stimulus plan to get people buying, and you can learn more about it in the Home Buying Institute's tax credit guide.
Should I purchase a home now or wait until later? It's a common question among first-time buyers right now. Here's the bottom line on this subject. If you can get qualified for a mortgage loan (good credit score, sufficient down payment, etc.), this could be a very good time to buy a house. You'll have many homes to choose from, you could save a lot of money, and you might even qualify to a tax credit. What else could you ask for?
Let me close by saying this. I'm not in the market for a new home right now. But if I was, I would certainly take advantage of the market conditions in 2009. I wouldn't wait until 2010 because I think prices are going to start rising then. Mortgage rates will probably be higher then too. So I would buy a house now instead of waiting. But that's just me.
Labels: buying
posted by Brandon at
1:57 PM
