A recent article in the New York Times thinks you should. The piece touches on possibly missed opportunities if individuals or families wait to buy later. What’s even more cool is the article talks with a Minneapolis couple who purchased a home in Lowry Hill.
Reasons to Buy a Home Now
- $7,500 Tax Credit
- Interest rates falling
- It’s Winter, sellers more willing than ever.
- If your credit is stellar and debt is minimum, don’t miss on low fixed 30 year mortgages
Plan to stick around for awhile, in the time frame of at least 7-10 years. If you are looking for a short term commodity, fuhgettaboutit. Housing never was and should have never been looked at a get rich quick scheme. It’s time to move back to the way it was.
{ 2 comments… read them below or add one }
Still can’t believe anybody would want to buy at this point in time not with what is going on right now.
@Steve
Well… I will say that each and everyone situation is completely different than the next. It’s important to have all the information available so you can make the right decision and you are right.
In order for prices to stop falling and the market to at least be stable for awhile, inventory needs to move. Now with that being said, should you buy if you plan on moving in two years… probably not and I wouldn’t recommend it unless you can comfortably afford it.
Mortgage rates are approaching 50 year lows whichi is unheard and for most people affordability is coming back into reach. If you wanted to buy a single family home 2 years ago but couldn’t, now is your chance.
Recent surveys suggest that most home buyers are planning on staying in their homes for 7-10 years.
Real estate is and always has been cyclical, it will return but never to what it was. The uptick in prices is whacky and outpaced wages and inflation.
Remember that housing should be looked at as a vehicle for long term wealth and opens up doors to different kinds of wealth if used correctly, the keyword is if