IS NOW A GOOD TIME TO BUY A HOUSE?
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Posted By: Siebra Muhammad on April 22, 2009 Because of the state of the economy and the massive amount of foreclosures I think it is a good time to buy. There are plenty of houses that were selling at $500K two years ago that are selling for $300K today. I found these five reasons in an article the other day: 1. Affordability is better than ever The affordability index is measured by the relationship between home prices, mortgage rates and family income. Prices have fallen and are stilling falling. Interest rates are historically low and for those of you that are qualified to buy - now is the time! 2. There is a Large Inventory of Homes to Choose from Houses are staying on the market longer, which gives the buyer more choices and drives prices lower. Simple Supply and Demand! 3. Builders are offering discounts Builders are looking for business, so if you are preapproved for a mortgage and want to build go talk to a builder in your area! 4. Mortgage Rates are at an all time Low Not only will the price of the home affect your affordability, a mortgage rate and terms will effect your monthly payment as well. Go talk to a lender! 5. You may be able to get a Tax Credit If you have not owned a home in the past 3 years you can get a federal credit up to $7,500. The credit will have to be paid back but this extra cash may come in handy when buying a home. I already own my own home, but let me know what you think Brothers and Sisters. Is now a good time to buy a house? If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Siebra Muhammad
A Registration Clerk/Specialist, New Orleans Public Schools Other College... class of 2001 Member Since November 2008 |
Comments
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True, so true ! People from other countries like India and China are snatcing them up like hotcakes ! Our families need to pool all monies together, buy these homes and live in them to cut cost and save. Turn that money back over and buy some more. Thats the smart way of doing it. AH..... Only if we could all just get along ! Lol ! Wednesday, April 22nd 2009 at 9:54PM |
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