Despite this fragile economic climate, it is clear that most Americans still believe in home ownership and want to own a home. In fact, 7 out of 10 Americans still believe that buying a home is a good financial decision, and almost two-thirds believe that now is a good time to buy a home.
According to the 2011 National Housing Pulse Survey released by NAR:
- 72% of renters list home ownership as a top priority for their future-that is up from 63% in 2010.
- Stability, safety and the long-term economic benefits of ownership top the list of reasons people give for why it is important to own a home.
- Having enough money for a down payment and closing costs is the biggest obstacle to purchasing a home, especially when 20% down is required.
Century 21 M&M Realtors are encouraging qualified home owners to buy right now – so why should you buy a home today?
- Owning a home today costs less than renting. Demand for rentals has increased and rents are on the increase and you may see increases for the next three years.
- The worst of the price declines is most likely over. Most of the coming house price declines will be for distressed properties — foreclosures and short sales. In fact, prices for non-distressed homes are holding up well and may very well have hit bottom.
- Mortgage rates are at historic lows. It is also important to keep in mind that mortgage rates are extraordinarily low, with the rate on a 30-year fixed rate mortgage currently well below 5 percent. Rates could go lower, but according to the experts it is unlikely.
- There are mortgages available with easy teams; FHA, VA, USDA, etc.
Talk to a Century 21 M&M Real Estate agent today, and discuss your home buying options, call (800)350-1548.