Why You Should Buy a Home This Year

Why You Should Buy a Home This Year

With the mortgage industry emerging from one of the worst debacles in history, could this year be the year you become a homeowner?

If you have been considering purchasing a home, this may be the best year to do it. Here are some reasons why you should make your dream of owning a home a reality before this year is over.

Home Prices are Ideal
With the number of foreclosures on bank books and the surplus of available homes for sale, this is one of the best years for buyers in a long time. There is a lot of competition to sell homes because both home builders and banks are anxious to unload their inventory. Add to that the fact that mortgage rates are at historically attractive levels and you have a great combination for getting a great price on your next home.

Your Options are Nearly Limitless
The large number of homes on the market right now brings down the price but also gives you more selection. Just pick a neighborhood and you can probably find several homes to choose from within a radius of just a few blocks. This gives you more flexibility and you are more likely to find something that you are looking for without going too far away.

Discounts are Readily Available
Home builders are offering large discounts right now in order to sell the number of homes that they have available. Builders want to clear out their inventory so in addition to discounts, you may even be able to negotiate other terms like a longer warranty or some extra upgrades to the home that you choose.

Avoid the Procrastination
If you have been looking for the right time to buy a home and you have a down payment saved up, why not just make it happen this year? If you are renting, you are not building up any equity and that money just goes out the window. When you make mortgage payments, however, you are building equity that you can use in the future if you ever have an emergency expense. Besides, the market may never be as affordable as it is right now.

Find the best mortgage rates in the area where you are looking to purchase.

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Featured - 30 Year Fixed Mortgage Rates 2024

Lender APR Rate (%) Points Fees Monthly
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PenFed Credit Union
NMLS ID: 401822
6.932% 6.750% 0.88 $6,000 $2,076 Learn More
Tomo Mortgage, LLC
NMLS ID: 2059741
6.994% 6.875% 0.63 $3,885 $2,103 Learn More
Rocket Mortgage
NMLS ID: 3030
7.451% 7.375% 0.75 $2,400 $2,211 Learn More
Veterans United Home Loans
NMLS ID: 1907
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