If the national news has your head spinning and your anxiety level increasing, then you’re not alone. We are bombarded, almost on a daily basis, about the state of the economy, the lack of progress in the housing market and the pitiful credit sector. Our 401Ks are taking a beating, along with our feelings of financial security and hopefulness about the future.
With that said, many of us have fallen into these feeling of fear, only to be missing out on the potentially excellent opportunities just waiting on our doorsteps.
For those of us in the market for a new University Park home, who have maintained excellent credit and who have socked enough money aside for a decent down payment, this may very well be the opportunity for which we’ve been searching.
Why Purchase a Home Now?
- There is a great inventory of homes on the market. One of the great things about being a buyer in today’s market is that there is a great selection of homes on the market. There are plenty of homes to choose from, and plenty of sellers looking eagerly looking to sell. The large inventory of homes on the market allows you to carefully select a home that meets your criteria and standards, which means that your ability to locate a home that has all of the amenities and features you are looking for is great.
- It is still a buyer’s market. You’ve heard it before: it is still a buyer’s market. That means that, as a buyer, you hold the power. You hold the power to negotiate; to hold out for a better deal; and to find a seller that is motivated to sell their University Park home. Unlike a seller’s market where housing prices begin to rise and buyers often find themselves in bidding wars, a buyer’s market keeps housing prices in check and produces plenty of anxious homeowners looking to sell their homes.
- Home prices have dropped. Up until a few years ago, housing prices across the country were skyrocketing and many buyers were forced to purchase smaller homes just to partake in the American dream. Fast forward to 2009 and buyers are fortunate to see that home prices have dropped off, thereby granting them the ability to purchase more of a home for less money. In fact, lower housing prices have enabled many buyers to purchase the home of their dreams.
- Interest rates are low - really low. If there was one single incentive to purchase a home in today’s market it would be to take advantage of the near-historic low interest rates. Lower interest rates mean that your mortgage payments are lower, which then means that you may potentially be able to afford a home that otherwise would have been too expensive, or upgrade to a larger home and still stick to your budget.
Purchasing a home is a very personal decision, and is certainly not for everyone. However, it pays for many potential home buyers to take a step back and review their own personal situation before ruling out the idea of purchasing a home. There are great opportunities to be had for those who have worked hard, saved hard and spent wisely!