Wednesday, June 16, 2010
Time to buy a home--despite all?
Prices are down, interest is low, so maybe if you need a house, this is the time.
Still, many people are scared. Does it take a huge down payment, five pounds of paperwork, and your first born?
First do a rent v buy financial analysis. If cost to rent is higher, it might be worth a go.
Although unemployment is a horrible reality these days, most people have a job and savings.
If you plan to stay someplace 3-5 years, buying makes sense.
Some people wait and wait because they can’t get what they want for their present house. The problem is, as your house price rises (if it does), so will the cost you pay for a new one.
Look for people eager to sell. Empty houses mean they moved someplace else and have two mortgages.
Banks want to get rid of homes they received in foreclosure—although they can be poky.
And check out a brand-new house. Yes, builders are still throwing them up. And they are talking deal.