The real estate market in 2009 has seen it's ups and downs, but the market is showing signs of recovery. The economy is also showing signs of recovery, and according to some sources the recession has ended with a 3.5% GDP increase in the third quarter of 2009. So, if the economy is recovering, and home prices are stabilizing, why is it a good time to buy a home?
4 Reasons To Buy A home Before 2010
Home Affordability Is Better Then Ever
Home affordability is measured by the relationships of home prices, mortgage rates, and house hold income. But these factors will not remain the same for long. In fact, in 2010, mortgage rates are expected to rise and stay high for quite sometime to ward off inflation. If you're qualified to buy a home, now is the time, in 2010 the economy is going to be a completely different economy then the one today.
Home Inventory Is At Historical High's
Most real estate markets in the country have more inventory then ever before, which gives buyers the upper hand when negotiating with sellers on the purchase price of a home. Homes are sitting on the market longer, which forces sellers that are required to move because of job loss, new employment and personal reasons to lower their price. Homes are sitting on the market longer then in previous years which will keep supply high for the time being.
Mortgage Rates At All Time Lows
Never before have we seen mortgage rates as low as they are today. Low rates affect your monthly payment, and the amount you pay on the life of the loan. With the rates as low as they are today, compared to 3 years ago at the height of the market, you could be saving thousands and thousands of dollars on your home purchase. Your bottom line is lower today with low mortgage rates then any other time in history.
Economy Recovering
The economy is showing signs of recovery in every aspect of the markets across the nation. When the economy starts to recover, interest rates are going to go up, housing inventory is going to fall, and everyone that has been waiting for prices to bottom out will notice prices are increasing. These people will then jump into the market with the intention of buying up all the last remaining great deals.
Now is the time to buy that home you have been dreaming of. If you have been wanting to upgrade to a larger home, that home is going to be the most affordable in 2009 then any other time in history. The economy and housing market will start increasing in 2010, and you don't want to be the one saying "I wish I had bought a home in 2009, I could have made a lot of money if I did."
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