When Should I Buy My Dream Home

image of a houseDo you have a picture in your mind of your Dream Home?  Most people don’t and that is why looking at a variety of homes can be fun and exciting.  New and First Time Homebuyers always make me smile.   They have a list of 60 or so homes and they want to see 10 at a time.  After about 4 or 5 houses, they all run together and the whole process gets way overwhelming.  So, I have found that even if I have to be a little firm with people it is for their own good to limit the search to just a few at a time (even if they are on a time crunch).

Home affordability is at an all-time high. The mortgage payment on the median priced home as a percentage of the median household income is lower than it’s been in a generation.

Mortgage rates are at rock bottom. It’s hard to imagine interest rates going much lower.

Home prices are back on the rise. After declining for 30 months, home prices are trending back upward.

Sellers are motivated. This means that buyers have the upper hand! From banks looking to dispose of foreclosed properties to homeowners who are fiercely competing among an excess of housing inventory, buyers have untold choices and negotiating power.

Financing is readily available!  Banks are back in the game and ready to lend to well-qualified buyers.

Owning vs. renting is increasingly favorable. Since 2009, the average principal and interest payment has fallen below the average rental rates, and the gap is now wider than it’s been in the past 22 years.

 Home ownership  is still at the core of the American Dream! Owning a home is critical to financial stability and wealth building. It’s a forced savings account, a place to live and a fabulous tax deduction.

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