Wednesday, June 4, 2014
Is now the time to buy your new home? Real Estate factors you may want to consider
If the thought of buying a home has crossed your mind lately, market conditions suggest that now may be the right time to make your move. The Real Estate market is reaching a critical point for home-buyers and conditions have not been better in the past 12 months.
Many people dream of becoming homeowners, and mortgage rates, the qualification process and more seem to keep some home buyers on the side line. Conditions for purchasing real estate have greatly improved. For example, according to this Housingwire article, 30-year fixed mortgage rates have hit a nine- month low. In fact, mortgage rates have been declining for 5 weeks straight. Some may attribute this to 2014’s slow start to the fiscal year, but it’s evident that now is the time to buy a home to ensure the most affordable rate to make a house your home.
If you’ve been renting or leasing a home over the past few years and are thinking about becoming a homeowner, the New York Times posted this in depth rent versus buying calculator to help determine if it’s the right financial decision for you! This calculator can be based on the your individual conditions and includes real estate price, length of time you plan to live in your home, mortgage details, closing and maintenance costs, and even taxes. This calculator has been credited as one of the best rent versus buy tools available on the internet.
Consider these factors and play around with the calculator to see if buying a home is in your near future!