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Seven Reasons Why Now is a Good Time to Buy A Home

Seven Reasons Why Now is a Good Time to Buy A Home

1. Home affordability is at an all-time high. The median mortgage payment on the median priced home as a percentage of the median household income is lower than it's been in a generation.Buyers Edge

For individual home buyers, there are only a  few facts that really matter:

• Can I afford this home?

• Is it a good investment?

• Does it meet my family's needs?

So it's a bit surprising that the most important housing statistic has gone largely unreported: homes have never been more affordable. 

Affordability clip

2. Mortgage rates are at rock bottom. It's hard to imagine interest rates going much lower, and when they start to inch back upwards, monthly payments and total loan costs will spike upwards.

Rate Increase Example1

3. Home prices are back on the rise. After declining for 30 months, home prices are trending back upward. The time get in to the market is NOW!

4. Sellers CompeteSellers are motivated. This means that buyers have the upper hand! From banks looking to dispose of foreclosed properties to homeowners who are fiercely competing among an excess of housing inventory, buyers have untold choices and negotiating power.

5. Financing is readily available! Banks are back in the game and ready to lend to well-qualified buyers.

6. Owning vs. renting is increasingly favorable. Since 2009, the average principal and interest payment has fallen below the average rental rates, and the gap is now wider than it's been in the past 22 years.

7. Homeownership is still at the core of the American Dream! Owning a home is critical to financial stability and wealth building. It's a forced savings account, a place to live and a fabulous tax deduction.

This is a summary of a recent Keller Williams Realty publication 7 Reasons Why Now is a Great Time to Buy a Home.

Cover 7 reasons

Please contact Tiffany White at 615-260-5858 or email TiffanyWhite@kw.com if you would like to receive a copy of the full report.  Looking to buy or sell a home or invest in real estate in the Nashville or Franklin TN area?  I would be happy to helpSpring Hill TN real estate!

Comment balloon 4 commentsTiffany White • September 27 2010 12:45PM
Seven Reasons Why Now is a Good Time to Buy A Home
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