While much press coverage has been given to the recent first-time and move-up buyer tax credit, there are many time-sensitive factors that make the current climate an exceptional time to buy a home…even without the tax credit.
I have seen many real estate markets come and go, and I know for a fact that the many outstanding opportunities that exist for home buyers today will not be around forever.
Besides mortgage interest rates that have been hovering at near-record lows, homes in many markets have become more affordable. Prices have moderated from the highs of the housing boom that occurred in most of the country, especially in major markets where they had increased significantly.
According to the National Association of Home Builders (NAHB), new construction homes are an especially wise investment for home buyers. New homes are generally built to be much more energy efficient than homes constructed a generation ago, making them more affordable to operate. Plus, new homes often incorporate open floor-plans, flexible spaces, improved safety features and low-maintenance materials—making them well-suited for today’s modern families.
So, if you’re thinking about buying a home, please don’t count on interest rates or prices staying at current levels—I’ve seen them change unpredictably and quickly! Mortgage rates are sensitive to market conditions, and even a slight increase can push monthly payments beyond a family’s budget. As the country recovers from the recession and people stabilize their financial situations, NAHB economists expect that home prices will begin to increase by 2011.
For further advice on buying a home or market conditions, feel free to e-mail me anytime. And be sure to pass this information on to friends and family who might also be considering a real estate purchase.