subject: Reasons Why This Is A Great Time To Buy A New Home [print this page] The summer of 2010 has become one of the best times to purchase a house. There has never been a better time in the real estate market to buy a new home. From the low rates on home mortgage loans to the fantastic prices on the properties on the market, now is a great time to be a house purchaser.
Reduce Mortgage Loan Rates
Mortgage rates are hitting record lows and with a lower interest rate comes a lower home payment. If you bought a house for $200,000 and did a 30-year mortgage, you will save over $55,000 over the lifespan of the loan compared to someone who purchased that same property about a year ago.
The last time rates were this low was back in 2004, but today, the rates are even lower. The money that can be saved is huge.
Even with the mortgage guidelines tightening, many Americans are still able to get approved for a mortgage loan. FHA home loans offer lower down payment options.
This opportunity is great for first time home buyers. With the real estate market in the buyer's favor, a first time home buyer could save thousands!
The Current Real Estate Market - A Home Buyer's Advantage
The real estate market over the past year has gotten better as many areas are starting to see less foreclosures, but there are still more houses on the market than willing buyers to buy these homes. This means that the market is still considered a buyer's market. Great news if you are looking to buy a new property.
A lot of sellers are paying for buyer's closing cost or lowering the price of the property. Many home builders have great incentives to purchase today. A buyer could purchase a new house without even paying closing cost.
Several homebuyers are finding extraordinary deals on properties that are not short sales or foreclosures. There is a misconception that short sales or foreclosures are the best deals, but in many areas, builders and houses sold by their owner are actually the best option.
The real estate market is in the buyer's favor, so now is a great time to buy a home. Contact your local Realtor Consultant and discuss what your real estate market is doing. Since each real estate market is different, it is important to discuss with a real estate professional before making a decision.
Keep in mind that purchasing a house is an investment and that you should look at the purchase of a house over the long haul. Properties will lose and gain value in the short time, but over a long time period, houses usually gain in value. Take into consideration the money you will be saving in interest and closing cost, and for those that act soon, they could save thousands.
