Not only could this be a great time to buy a house, it could be the best time in years. Home buyers seem most interested when prices are high. We should be more interested in buying a house when they are selling for less. That's right now.
Of course, if you already have a home you might hesitate to move up to a larger one now. Given the number of people in over their heads on their mortgages, it makes sense to be cautious. But if you are hesitating because you don't want to sell your current home at these lower prices, think again.
Of course, if you already have a home you might hesitate to move up to a larger one now. Given the number of people in over their heads on their mortgages, it makes sense to be cautious. But if you are hesitating because you don't want to sell your current home at these lower prices, think again.
If you have the means, you might want to buy the a home now without selling your existing house. You can rent out your current house and wait for prices to go back up and get more for it. But if you need to sell to buy, now is the time.
Not since the Great Depression has there been such a decline in the prices of real estate. You can call it a crisis, but it's really just a "sale," so yes, it's may be a good time to buy a house. Of course there is no guarantee that you would be buying at the bottom of the market, but at the very least you know you are paying substantially less than you would have a couple years ago.
What if you're a first time home buyer? Well it makes sense to buy something when it's on sale. Interest rates are still low (as of late 2008) . And although it is tougher to get financing now, this isn't all bad. You can feel safer knowing that banks and other lenders are no longer allowing borrowers to get mortgages they can't afford.
Houses on sale, interest rates still near at an all-time low, and banks no longer pushing mortgages that you can't pay for - this may be the best time to buy a house.
For more information on Buying and Selling your Home Visit:Belleville Real Estate or Lorne Park Real Estate
