| Should I buy a house now or wait until later? This has | | | | During the week of June 8, 2009, the average rates |
| always been a common question among first-time | | | | on a 30-year fixed mortgage reached their highest |
| home buyers. But with the uncertainty of our current | | | | point in seven months. Nobody has a crystal ball, of |
| economy, this question becomes even more | | | | course, but many economists expect rates to |
| important. In truth, nobody can answer this question | | | | exceed 6% by the end of this year (they were |
| for you. It's up to you, the home buyer, to decide | | | | around 5.3% at the time of this article). Rising rates |
| whether or not it's a good time to take the plunge. | | | | are another good reason to buy now instead of later. |
| Five Good Reasons for Buying Now | | | | 4. "First-time" home buyers who have not owned a |
| Should you buy a house now, or wait until next year? | | | | home in the last three years can still qualify for a tax |
| Here are five things to consider when making this | | | | credit on their purchase, up to $8,000. Currently, this |
| important decision. | | | | program is set to expire in December 2009. So it's |
| 1. In May 2009, housing starts rose by 17% over | | | | yet another reason to buy a house now, rather than |
| April. This surprised many economists, who were not | | | | later. |
| expecting such an increase. This rise in housing starts | | | | 5. Prices are still relatively low in most cities across |
| (new construction) indicates rising confidence within | | | | the United States, but this may soon change. The |
| the building industry. This kind of trend usually | | | | positive signs mentioned above will be bring more |
| coincides with housing recovery in general. | | | | buyers into the market. This will eventually reduce |
| 2. Many economists are saying that the housing | | | | the huge surplus of homes for sale, which in turn will |
| market has reached bottom in many parts of the | | | | drive prices upward once again. |
| country. In other cities, prices are still falling but are | | | | Here's what it all boils down to. Only you can decide |
| expected to reach bottom in the near future. This | | | | if now is a good time to buy a house. You need to |
| means that buyers could get into a home at "rock | | | | review your finances and establish a budget, before |
| bottom" prices, and without losing any further value | | | | you can answer this question with any certainty. But |
| after the purchase. | | | | there are plenty of good reasons to buy a home |
| 3. Mortgage rates have been at record lows for | | | | sooner, rather than later. So give it some serious |
| several months now, but they are starting to rise. | | | | consideration! |