Good Time for New Home Buyers

I am thinking that there are many people who hear nothing but negative economic news and assume that now would not be a good time to purchase a new house. From where I stand, I think for renters, in particular, now is likely the best possible time to buy.

Here are some of the reasons why I think buying real estate today is a good plan:

1) Mortgage interest rates are at a near historic low, e.g., 4.75% for a five year fixed mortgage;

2) Current supply of houses and condos on the market is substantial and many more will be coming on the market this Spring; and

3) Housing prices have been dropping since 2007; now is the time to get a great bargain.

For anyone whose current rent is in the $1700 per month range, you can likely qualify for a $350,000 house. Put those rental dollars into owning a home. Today is the time to call and get approved for a mortgage at a fabulous interest rate!