We’ve heard the stories; about folks losing their homes at the seeming drop of a hat pin. Times are tough. People are scared to invest. What we may not be looking at, however, is the opportunity for buyers to cash in on the tough times; to get the home of their dreams without spending a royal mint.
Here’s why you should:
- Low interest rates. According to experts, interest rates haven’t been at 4.96 since 1960.
- Larger home for a smaller price. House prices are down and more square footage is given for what you would have paid before the crunch with less square footage.
- Builders are offering huge discounts; take advantage of home warranties and appliances.
- Folks who need to get out of their homes quickly are more open to working with you on the price.
- If you are confident about your income, and have been renting, don’t let fear persuade you not to buy. Selection is great because other folks have feared to step up to the plate.
- Get a great fixer-upper at a steal and spend the extra money on the fix-ups of your dreams.
- In many instances your mortgage payment is less than you are currently paying for rent. Why rent when you can paint, fix up the yard, or add on an addition of your choosing?
- As the economy improves, prices will go up. Get a home and more of it for the money now.
In the end, purchasing a home is like anything else. Be sure it’s what you want at a price you can afford, and within a neighborhood you can live with. Having the worst house (with glorious potential) on the block is usually a better deal than the most put-together dream, because you can always fix up and improve what is now” yours. The rest, well, is up to your new neighbors.