Everybody keeps saying the same message, rates are low, there is a great selection of inventory available. However, if you analyze why now is the time to buy then you will understand why this message is being thrown about!
The average homeowner is worth 35 times more than the average renter, so if you are renting the time to take advantage of the market conditions and buy. Renters should start immediately – if they haven’t already – saving a portion of their paycheck for a down payment. Also, rather than stretching yourself, best selling author David Bach advises to borrow 10-20% less than the bank is willing to lend.
Asides from that great feeling of owning your own home, owning your own property will also provide great tax benefits, allow you to build equity (through paying off the mortgage over time). Also, as the National Association of Realtors said in December 2008 home affordability has been the best since 1970.
Buying right is the key. (See what may happen in Real Estate in 2009) Having a great agent who understands your needs is of vital importance. Consider how long you are planning on staying in a home, the quality of life you are likely to have in that property and neighborhood – for instance, in the New Albany area residents enjoy a high quality of life. The first time homebuyer tax credit is also something which could be available to you!
Right now, how much home you can afford naturally is dependent on obtaining the right mortgage. With a low fixed rate 30 year loan any buyer would be well positioned to go ahead and purchase a great home.
Still a little lost in the search?
If you are looking to purchase a property in New Albany, Gahanna, Blacklick, Westerville, or another Central Ohio community, please contact The Raines Group. We offer professional real estate advice and are happy to help you achieve your real estate goals. Please contact us today via our online contact form or by calling The Raines Group at 614-418-7417.