Now is the time to buy your house. Many people are hesitating to jump in the current market, but this is actually a great time to start shopping for your dream home. Here's why:
Many areas in the country are seeing employment growth again, especially in high demand occupations like health care and technology. Layoffs are declining, letting many workers breath a sigh of relief. With the threat of losing steady income fading, interest in the American dream of homeownership is returning.
Due to the staggering amount of foreclosures currently on the market, prices are slipping lower and lower as banks struggle to dump the surplus of properties overwhelming them. Lower bids are being accepted more often just to move homes off of the books.
With some cities now progressing toward stabilization of their housing markets, the trend may spread across the nation. And if you’re planning to reside in the house you buy for a large period of time, the value is sure to rise eventually. Patience will be key, however, especially in areas like Seattle or Portland, where there is currently a strong downward shift in home values.
Mortgage rates are at an amazingly low point, varying slightly but showing no sign of large gains soon. If you buy your house now, locking in a fixed rate could be a huge benefit with the right percentage, saving you a deal of money throughout your loan period.
If you have a credit score above 600, you can be eligible for a great loan. And if you’re fortunate and wise enough to have one north of 700, you can be sure that lenders will compete for your business. Shop around to find the best deal, because there are sure to be many options for you.
If you’ve been thinking about when a good time to buy your house might be, there’s no time like the present, especially now. Use a mortgage calculator to research what down payment will be best, figure out your budget, and go shopping!
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