Should I Buy A Home Now?

When is truly the right time to purchase a home? It is different for all people and is unique to their financial and personal situation.

Buying a home has been proven over time to be a financially wise investment as the 
History of Home Values show.  Gain of appreciation can be a large part of accumulating wealth. If a home has been in your thoughts ( tired of paying rent, needing more room, want a financial investment etc) and you have good credit... NOW is an excellent time to purchase and here is why!

•  LOW INTEREST RATES- The rates have not been this low in a LONG time. Fixed rates as of Aug. 2011 can be at 5% or below! Lower interest rates means you can have a lower monthly payment or get more house for the money. Noone knows when the bottom will hit regarding interest rates, however, you cannot go wrong taking advantage of today's low rates. Interest rates are inching up however. Just a 1/2% increase in interest rate on a $1000,000 loan equates to an additional $30.52/month in your montly payment. Double that for a $200,000 loan.
  
• FAIR PRICES- Although the Capital District has not seen the volatile ups and downs of home prices as other areas of the country, today's prices reflect a "normal" market and fair prices and even bargains are out there to be had!
  
• HIGH INVENTORY OF HOMES- There are plenty of homes on the market with more coming every day! Its true that winter months show a seasonal slow down, and sellers know this. If you find the home that you want now... don't wait till Spring! 

                        Shouldn't I Wait Until Spring? 

If your financial situation is in order, no, do not wait. Come Spring, there will be more homes on the market and more buyers too. You will have more competition for that home that you have just "fallen in love with" and that means higher prices. Multiple offers are still being seen even in this market! Don't allow yourself to become "just another buyer amongst the many" ."

Also- there is no telling what the interest rates may do come Spring. Knowing they are low now and inching up, taking advantage and securing a home in this "slow" market can mean savings to you!