Five Reasons To Buy a Home Now

Have you been considering purchasing a new home? Whether you are a first time homebuyer or you are considering moving to a larger or smaller home to suit your personal needs, now is a very good time to make the move. In fact, there are five very good reasons to consider buying a new home.

Reason #1: Mortgage Rates are Low

Today’s mortgage rates have reached a record low, which means you stand to save a significant amount in terms of interest. Furthermore, because the rates are so low, you actually start to build equity in your home as soon as you buy it, which means you don’t have to stress out about the ups and downs of the economy as it still works toward a recovery.

Reason #2: Home Prices are Down

It is no secret that housing costs are down. Even better, many of the homes coming on the market today are quite beautiful and contain many luxury features that were once too costly for many people to afford. The number of terrific houses coming on the market is on the rise. At the same time, because many sellers are interested in selling their houses as quickly as possible, you enjoy a great deal of leverage as a buyer.

Reason #3: Many Available Houses are in Great Condition

Not only are there many beautiful houses coming onto the market, but many are in move-in condition as well. In fact, the Harvard Joint Center on Housing reports that homeowners have continued to spend the money necessary to maintain and repair their homes. This is because most of those who had been holding back on putting their houses on the market were keeping their houses in good shape until the time was right to list it for sale.

Reason #4: Appraisal Guidelines Have Been Adjusted

Shortly after the economic fallout, appraisal guidelines were changed in such a way that it seriously impeded the purchasing process. Thankfully, Fannie Mae has made some adjustments to these guidelines, which gives appraisers more flexibility when it comes to setting values. The result? Closing on deals is a much faster process than it was just a year ago.

Reason #5: Programs Make Home Buying More Affordable

Thanks to the many different grants, loans and other housing assistance programs available to homebuyers, buying a home is quite affordable. Many communities still offer “workforce housing” programs, which help middle-class families afford purchasing a home. For those who qualify for one of these programs, they can enjoy a helping hand with their home buying expenses.

According to many experts, most real estate markets throughout the country have reached their bottoms. Combine these low prices with low interest rates, eager sellers, faster appraisal guidelines and numerous financial assistance programs, and there really has never been a better time to buy a home. So, if you have been thinking of making a home purchase, there is no reason to put it off any longer!