Why Now Is the Best Time to Buy A Home

In hard economic times like these, the last thing probably on your mind is purchasing a house. The economy is tanking and it is bringing down the housing market making the real estate more affordable than ever! It is a devastating time for those unfortunate homeowners who are losing their homes to the bank, but some people can look to this as an opening. If you can afford the down payment, why not take a plunge into this one in a lifetime opportunity.

According to the National Association of Realtors' housing affordability index, homes are more affordable now than any other time since the 1970’s. Because of foreclosures, banks are desperately trying to get rid of all these homes they have possessed with lower rates in hopes of initiating a buyer’s market. Not only are the banks making the housing price incredibly low, they are changing their mortgage rates. Rates on 30-year fixed-rate mortgage have reached a level not seen in decades. In July, the 30-year fixed-rate mortgage averaged 5.42%, according to Freddie Mac's weekly mortgage survey. Another benefit to purchasing a home today is that you can receive a federal credit of up to $8,000 for buyers who haven't owned a home in the past three years.

They are many reasons why now is the best time to purchase a home. There is a plentiful supply of unsold existing homes desperate to be sold. This is because of the buyers have more to choose from causing housing rates to go way down so everyone can compete. Also banks are willing to negotiate with you, they have reduced mortgage rates and even down payment amounts so you can take the house off of their hands. Houses are nearly at half of what they used to be, and this may be an excellent opportunity for you to jump on the bandwagon and buy the house of your dreams for less. And when you do move into your dream home make sure you get help, professional movers are willing to negotiate a fair price for their services.