With market conditions the way they are, now is the best time to buy. While many people might advise that you wait until the market bottoms out, that’s bad advice. Residential housing prices are super-low right now, interest rates too, and the chances of seeing this combination again in the next few years are very small.
Waiting for housing prices to hit rock bottom will almost certainly result in you missing the boat. Not only is it nearly impossible to say when prices will reach rock bottom, but realtors generally believe that interest rates are sure to rise soon, so even if prices did drop further, you would most likely end up paying more if you continue to wait.
Now really is a once in a lifetime opportunity to buy your dream home, here’s why:
1. Right now, it’s cheaper for many to own a home rather than rent one.
2. With tax deductions for mortgages and property taxes available, you can make big tax savings right now. This won’t last forever though.
3. There are many people now who can qualify for loans now who couldn’t just a few years ago. Don’t miss out on this second chance.
4. Buying a property for investment purposes and leasing it out while maintaining a positive cash flow is now possible for the first time in years. You could realize much greater returns doing this than by simply sticking your savings in a high interest account.
5. Across the country, many homes and condos are already 40% to 50% cheaper than they were just a few years ago.
The value of real estate will always have its ups and downs, and let’s face it, it’s being heading downwards for quite a while now. Very, very soon it’s going to bounce right back, and those who miss out now are going to be kicking themselves in the months and years to come.