If you are thinking about buying a home, but you’re still a bit hesitant, then here is some great information that may help you decide to do it now. True, the economy appears to still be on the downside and we are seeing a lot of unemployment, but did you know that if you are stable enough financially, then now might be the right time to invest in a home. Hopefully the information presented here will open your eyes and understanding about the current status of the real estate industry.
Over the past 20 years, we have seen a boom in the real estate market. A lot of homes were built, and sellers were able to cash in on that increasing trend at the time. However, with the recent recession that hit our country, we are seeing a lot of unsold property in the market. The reason behind this is because it’s become increasingly difficult to get a loan and a lot of people are afraid to invest now because of the instability of the economy.
You see, the law of supply and demand is currently at play. On one side, there’s a huge supply of homes available. On the other hand, there aren’t a lot of buyers. This forces the sellers to drastically lower their prices, and even offer more incentives to buyers, such as paying all your closing costs, etc. There’s a chance right now, to get more value for the money you are willing to invest.
Another reason why you should consider buying a home right now is that you have the chance to accumulate almost instant home equity. Paying a monthly mortgage can build towards a home that you can call your own someday. Your growing equity can become your personal savings account, which you can eventually use to buy a better home in the future, or use a part of your retirement strategy.
Another big factor to consider is that interest rates are currently at historic low levels, and they won’t stay here forever. There are also very Low Money Down Programs that can be availed, as low as 3% granting that you have good credit standing. It’s very easy to get the best deals on home loans with most financial institutions. Although, they are a bit stricter now and choosy on who would be eligible for a home loan. But if you are on the stable side of the economy, with a good credit standing to boot, then there are no reason why a bank would not want to loan you the money with the most competitive interest rates available.
Yes we’ve seen a decline in the prices on real estate these past few years, but as of today in many markets, prices are on the upswing. So, instead of guessing where the bottom may be – take advantage of the many positive factors in today’s market. Waiting it out, you may find yourself out of luck in the near future when you finally decide on buying a home.
The time to decide on buying a home is now while the economy is still conducive for buyers. Now more than ever, you have the best opportunity to invest in a home with the lowest prices and interest rates. Home ownership and its long term benefits are enough to encourage even the most hesitant of buyers.
Jeff Hammerberg is the Founding CEO of www.GayRealEstate.com the Nation’s Largest Free Database of Gay, Lesbian and Gay Friendly Realtors serving the LGBT Community.