A recent Fannie Mae study reveals that the majority of Americans still aspire to own a home – and for a good reason. Owning a home is critical to financial stability and wealth building. A home serves as a forced sacvings account and provides a solid asset, as well as a place to live. Despite the recent market upheaval, the vast majority of Americans still consider homeownership to be important to the economy and preferable to renting. Since the end of World War II, promoting home ownership has been high on the list of the federal government’s priorities, and will continue to be so.
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The recent downturn in the housing market resulted in a drop in rental rates, but rents are back on the rise while the cost of home ownership has dropped. As average apartment rental rates have slightly decreased, the decline has been moderate in comparison to home values, which have declined nationwide by 30 to 40 percent since the peak of the housing boom. For more reasons why now is the prime time to buy a home, Contact Me and my team would be happy to help!
While the final quarter of 2009’s financial meltdown led to a sense that financing had dried up, mortgage funds are now available. “If you have a job and can afford the payment, chances are you’ll qualify for a mortgage,” says David Reed, author and mortgage banker. For more reasons why now is a prime time to buy a home, Contact Me and I’d be happy to help!
When supply exceeds demand, buyers have the upper hand – and that’s where we are now! The current supply of homes for sale now stands at 12.5 months, meaning that at today’s pace of home sales, it would take twelve and a half months for the exsisting inventory to sell. For you as a buyer, this means lots of choices, lots of negotiating power, and that smart sellers are fiercely competing for your business, both in terms of the price and the condition of their homes.
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Every major price index points to a housing market that has hit bottom and is moving in a positive direction. After thirty months of declining values, home prices appear to be stable or appreciating in nearly every U.S market. In August of 2010, the median home price was $182,600, amounting to an 11 percent increase over the low that was reached in February of 2010 at $164,000. Staying on the fence and waiting for prices to drop further is OVER! For more reasons why now is prime time to buy or list your home – Contact me and I’d be happy to help!
The national average on a 30-year fixed-rate mortgage dropped to 4.36 percent in August 2010 – lower than it’s been in the past half century. Interest rates for the same time last year averaged 5.19 percent, representing a difference of $90 in the monthly payment on a $200,000 home with 10 percent down, as well as a savings of $32,460 over the life of the loan. For more reasons why now is the prime time to buy CONTACT ME!
According to Lawrence Yun, chief economist from the National Association of REALTORS, “Home buyers over the past year got a great deal, and buyers for the balance of this year have an edge over sellers. Affordability could reach a generational high in the second half of this year because of rock-bottom mortgage interest rates, helped partly by the Fed’s ver accommodative monetary policy.” For more reasons why now is prime time to buy a home, feel free to contact me and I’d be happy to help!