8/22/2017

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Is Now A Good Time To Buy A Home?
by John M. Roberts

If you've been putting off buying a home, this may be a good time for you to start looking.

Many people have put off buying a home in recent years because they have been worried about the state of the economy and a tightening of lending regulations. Some are simply waiting for news that it is safe to get buy a home while others are still waiting for home prices and interest rates to drop even more than what they are now.

Whatever the reasons you have for putting off buying a home, if you can afford it right now, it is definitely a buyers market because home prices have fallen over the past few years and interest rates are at the lowest they have been in a long time, but that is slowly changing.

As the economy picks up steam, employment numbers rise, the stock market rebounds, and people start feeling good about the housing market, it will create a situation in which there will be more buyers and a lower inventory of homes for sale.

As the pool of home buyers grow, the housing market is sure to tighten up and it will slowly become a sellers market again, which in turn will drive housing prices up and send interest rates higher. If you wait too long to get into the housing market, you may find yourself competing in a market where there are fewer homes to choose from.

People are starting to take a serious look at the real estate market with dreams of making a move. This includes people who already own a home but may want to upgrade to a larger one or who may just want to move to a different neighborhood.

Many other potential home buyers are those who are contemplating buying their first home and feel that now is the right time to buy a place to raise a young family.

Right now, the market is ripe for first time home buyers because prices are so low. A first time buyer may be able to purchase a home in a neighborhood that was out of reach, price wise, just a few years ago.

One thing to worry about is that in many areas, the drop in housing prices has leveled off, and in some cases, prices have actually started to inch upward. This may or may not cause a buying frenzy, but if the past is any indication of what might happen, higher real estate prices and higher interest rates may be headed our way.

What does this mean for you if you are waiting to buy a home? It means that while you are waiting, the economy is recovering, and what you can get for your money today may be a thing of the past tomorrow. Inflation may start to kick in and you may find yourself getting less for your money in terms of price, neighborhood, and square footage.

About the author

John M. Roberts is the owner of John Roberts Realty located in the Rancho Belago area of Moreno Valley, California. You may contact him at jrobertsrealty@yahoo.com.

 

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