Should You Buy A Home?
Should You Buy a Home?
Buyers frequently ask the question, "Should I buy a home?", or more specifically, "Should I buy a home today?". I have always felt that the answer to that questions is almost always an unqualified “Yes!”. The reasons are relatively simple.
First of all, the price of new and resale homes has steadily increased ever since the mid-1940's. The local markets may vary - going up and down with the economy, but the general trend has consistently been rising values. Delaying the purchase of a home simply allows prices to go higher.
The second item that concerns the home buying consumer is interest rates. We are still enjoying reasonable interest rates, so any delay could mean paying significantly higher interest rates in the not too distant future.
Do You Want to Gamble with Interest Rates?
1/4% = adds $.20 per thousand per month on a 30 year mortgage
1% = adds $.80
Therefore, a 2% change in interest rates equals $1.60 for every $1,000 borrowed!
Time is Money! Waiting to buy could cost you more money than it's worth.