Why is Now the Best Time to Buy a Home

Why is now the best time to buy a home?

1.        Homes have never been more affordable.  Do you realize that today people are buying homes at the same prices they were ten years ago? In fact, affordability, measured by the median mortgage payment on the current median-priced home ($150,000 - $175,000) and the Majority of house hold income is ($75,000 - $150,000), lower than it’s been in a generation.     

2.       Mortgage rates are at rock bottom!  The national average on a 30-year fixed mortgage is 4.375 percent.  The impact interests rates can have on the real monthly costs of homeownership is very significant.  Do you know that if your interest goes up 1 percent, your monthly payment will go up 10 percent?

3.       Lenders are back in the game.  Many lenders offer incentives for first time buyers!

4.       Prices are trending back up! If you wait, you will only get to buy when they are going up!

5.       Sellers are motivated.  Supply now exceeds demand and buyers have the upper hand!

6.       Ownership costs are dropping below rental costs!  Monthly mortgage principal and interest costs have fallen below the average rental rates!

7.       Home ownership remains at the core of the American Dream! Despite the recent market upheaval, the vast majority of Americans still consider home ownership to be important to the economy and preferably to renting.

WHAT’S AHEAD… Keller Williams first time home buyer workshop to be announced! Call to be added to the VIP list! 586-799-3085

Article submitted by: Keller Williams Lakeside Shelby TWP., Doug Andrus, Sara Levin 586-623-3225, and Sara Maynard 586-747-0866

Resources: Seize the market action book by: Julie Fantechi KWU