Has There Ever Been a Better Time to Buy a Home? – A Message from Larry FlickYou may be asking yourself, “Is now a good time to buy a house?” It can be a very difficult decision to make and there are several factors to consider. Larry Flick the Chairman and CEO of Prudential Fox & Roach, Realtors as well as The Trident Group, gives some points to consider when making the decision to purchase a home:
• Would a different home better meet your needs under your present personal circumstances?
• Do you feel secure in your job?
• Would you like the security of a long term investment?
• Do you like to save money?
• Would you like more control over your future?
Larry says that if you answer mostly “Yes” to these questions, then the now is the right time to purchase a home. House prices and interest rates are at their lowest since the 1950s. Forecasts predict that prices may drop even more next year and you may wonder if it is better to wait until then. Fact is, there is no guarantee that the prices will drop more, it would only be an assumption. The bigger question is, will the interest rates stay the same? The rates are currently at an incredibly low point historically. However, they may rise over the next year. Taking advantage of this now would mean lower mortgage payments which could potentially save you more over the long run if you plan on staying in your home a while.
If you already own a home, and ask yourself “Is now the right time to sell?” Again, Larry suggests applying the same above questions and if the answer is “Yes”. Then now is the right time to sell your home. Again, just as we cannot assume that house prices will drop more, we also cannot assume that they will rise over the next few years either.
So take the time to answer the above questions while considering that fact that both home prices and interest rates are at a historic low. Then you can make the decision that will move you into a brighter future.
For more information and regional sales reports, read Larry Flick’s article “Has There Ever Been a Better Time?” – Fall 2011 Chairman’s Report for more information.
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