Can you believe that people still believe that buying a home is a great way to invest your money long term? Even in these economic conditions?
A recent study shows that almost 9 out of 10 homeowners would buy the same home again! And 7 out of 10 Americans would tell a friend to buy a home.
How come people are still so keen on homeownership with all the mess we’ve been through in the past two years?
Well, although no one is suffering from excessive optimism or cheerfulness about the economy or housing market in general, we still need a home to live in. Over the long run, buying a home has proven as a sound investment.
Now is the best time to buy! As a buyer, you will have many advantages this Spring:
1. You’ll have lots of choices. Go out there and see for yourself what’s there to offer. Make a list of great homes with your agent, and enjoy the choices and options.
2. Interest rates are so low, prices have sunk, so housing affordability is way up. You may be able to afford more home than what you thought!
3. If you can get a mortgage, show off that pre-approval! A strong pre-approval from a reputable lender is gold. Got cash, well, expect some serious buyer super powers.
It is not all rosie out there. This country, and some areas more than others, are suffering and going through economic turmoil. And the lending institutions are now overly cautious.
There are two pitfalls to watch for during your purchase, once you find a home. First, make sure to follow all the lenders’ guidelines and requests. Credit is tight!
Second, ask to see the appraisal on the home you choose. The bank’s appraisal may come in lower than the price negotiated, which can kill the deal. A smart agent may be able to save the day with some renegotiation of the price in your favor.
So get out there, search around for your home, the market is waiting for you. Just watch your step.
What kind of home do you want? Where are you looking?