Tuesday, June 1, 2010

Why Now Is A Good Time To Buy A Home

Many may think that now is definitely not the time to purchase a house because times are tough, right? Wrong. As home values begin to diminish and interest rates linger at extremely low levels, for first-time home buyers it just may be the perfect time to start looking for that perfect house. Obviously if you have a secure job, it will be way easier to take those steps in order to put a down payment on a house, and eventually purchase something you can call your own.
Purchasing a home is a huge investment, especially for first-time home buyers. First, a buyer needs to determine how much money they can actually spend on a house. It is important to understand your funds and determine how much you can realistically afford. It is also important to study the market, and make sure that the potential house is something that you could see yourself living in. Purchase for the "big picture" of things, and make sure that you're in it for the long haul. It may be more profitable to purchase something that you can see yourself living in for a long time. Plan ahead, and make sure the neighborhood is up to your standards, focus on schools in the area (if you plan on having children), and also look for things that could possibly bring the value of the neighborhood down.

Sellers in this type of economy are more than likely willing (and prepared) to negotiate on housing prices. Make sure are able to make a bargain on the house, and still have some money left over in order to decorate. Also, because of the economy, houses are staying on the market a lot longer than they used to, which means that you will have more choices to pick from. Because there is a wide variety to pick from, you have a better chance to choose a home that fits all of your needs.

In this type of economy, the buyer has the power to name their price, which means more savings! Home buying variables could change 6 months from now, so why hesitate on purchasing? Those who are interested in making "safe" decisions and continue to rent are delaying their opportunity to build domestic wealth. You can also anticipate an increase in rent because of the tight times, so if you wait around for the right deal to come along, you might actually be missing out. The real risk is to wait to buy a home in this economy. Interest rates are at an all time low, and prices are starting to level off, so it's time to decide if you're ready to make a bargain!

Want more information about the Mint Hill, Matthews and Charlotte area real estate market? Check out http://www.minthillrealty.com/

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