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Is it Wise to Buy a Home in Today's Market?

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By : Sonia Smith    99 or more times read
Many people often ask if it is wise to purchase a new home in today’s market. Because of the recession and the economic crunch it is difficult to consider a home purchase as a wise choice. Nonetheless, regardless of the market, it is a good option to buy a new home today. The National Association of Realtors states that properties are more affordable today, meaning that if you buy within your price range, you will not be stretching each month just to make your mortgage fees.

Buyers must realize that the housing market, just like any other market, has its share of ups and downs and home ownership has a record that is incomparable to any other purchase when it comes to real benefits. Regardless of the turmoil in mortgage these days, as long as you have good credit and a regular job, you could obtain a mortgage at a good rate. Some rates are running at historically lows nowadays. Today is a wise time to buy a home for the first time or to move to your dream home. With a buyer’s market, buyers have more choices when dealing with the number of homes available and home features as well. Owning a home is still one of the best kinds of investments regardless of today’s economy.

Even though foreclosures are high, there are still thousands of homeowners trying to sell their homes to avoid foreclosure and owners moving and having difficulties in selling their properties. .Moreover, there are a lot of new constructions and home builders could offer discounts on a new home purchase in order to pay their bills and move on. These days, mortgage rates are low, averaging from 4.96 for a fixed year mortgage. First time buyers could also avail of the tax credits.

Throughout the years, the real estate market has consistently appreciated, despite of the periodic adjustments in the local market in response to the situation of the economy. In the national level, home appreciation increased considerably from five to six percent yearly. Rates could get high in the years to come since it is not possible to predict the real estate market. Home ownership is one of the easiest ways to acquire wealth. Three from four people have more equity on a home instead of stocks, savings and retirement funds. Although no one can guarantee that your property will appreciate, in time it will. You can be sure that your home appreciates in the long term basis.

If you are thinking of delaying the buying process in order to test the market in order to get the best deal, it is very difficult to do with precision. Even if your area has low market prices, nobody could anticipate the flow of the real estate market. Today is a wise time to buy a new home since they are more affordable and there are so many options where you could get a great deal easily. Nonetheless, you have to weigh your options well before you proceed with your purchase.
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