Mortgage Blog

Is now a smart time to buy a home or should I wait?

July 21st, 2011 12:54 AM by Michael and Jill Kohler

Everyone will have their own reasons for each side of this one, but the real question is, if you've been thinking about buying, reading up on the market, maybe even found several homes that might suit you, what is it exactly that you are waiting for?

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Sure, it's possible that prices may go lower, but that risk really never does go away and you have no way of knowing the answer. In the housing market, prices can stagnate away for a number of years, and then all of the sudden, boom, houses go up, just like they've gone down for the last several years. However with the current combination of low mortgage rates, FHA low down payment programs, and home prices being as low as they've been in a decade, it seems like a lot of people are waiting for the market to go back UP!!  Of course the smart money that finds the right home, with the right mortgage is the genius seven years from now who has enjoyed the use of their property all this time, bought it right, still has a low fixed rate even though rates are back up to 7%, and has been building equity all this time and paid off nearly half of that 15 year mortgage, plus got a few tax breaks along the way for mortgage interest.

If you are ready to get off the sidelines and find that dream home, you can find current listings for sale or request a free mortgage quote right here.

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Posted in:General
Posted by Michael and Jill Kohler on July 21st, 2011 12:54 AM

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