You’ve probably
read or heard that now is a great time to buy a home. You may be skeptical
because of the current economic climate, but in reality, the climate
surrounding us is unique. It’s unique in that mortgage rates are at an
all-time, historical low even though inflationary pressures and credit crunch
concerns are present in the marketplace. The facts that housing inventory is
high and home prices are on the decline support the notion that now is a great
time to buy a home.
When you add up the benefits of buying a home in this market—historically low
rates, many options of homes and neighborhoods, and exceptionally low prices,
house hunting seems all the more desirable. In addition to these benefits, here
are reasons to seriously consider purchasing a home in this market:
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Mortgage rates will rise, so now is the time to lock in at a low, fixed rate.
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Home prices will rise when recovery sets in. It will be harder to get that
great deal.
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You will begin building equity which means an increase in net worth.
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Home ownership is a great wealth-building tool.
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There are multiple government incentives which are only available for a limited
time.
If you must sell before you buy, there are several things you can do to
maximize the selling price of your home:
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Reduce clutter by removing unnecessary items from each room. Your home will
appear more spacious.
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Make upgrades where necessary. Replace old light fixtures and ceiling fans.
Installing new carpet or flooring may be worthwhile.
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Keep your home clean and smelling fresh.
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Create memory points that appeal to the emotions. Draw attention to key design
elements, such as a fireplace.
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The kitchen and master bathroom are extremely important. Focus on these areas
and make improvements that modernize and demonstrate easy living.
Now is a good time to take advantage of market conditions and make a positive
move.
