The summer of 2010 has become one of the best times to buy a property. There has never been a better time in the real estate market to purchase a new property. From the low rates on home mortgage loans to the fantastic prices on the homes on the market, now is a great time to be a house purchaser.
Low Mortgage Loan Rates
Mortgage rates are striking record lows and with a lower interest rate comes a lower house payment. If you bought a home for $200,000 and did a 30-year mortgage, you will save over $55,000 over the lifetime of the loan compared to someone who purchased that same home about a year ago.
The last time rates were this low was back in 2004, but today, the rates are even lower. The money that can be saved is huge.
Even with the mortgage guidelines tightening, many consumers are still able to get qualified for a mortgage. FHA home loans offer reduce down payment options.
This opportunity is great for first time home buyers. With the real estate market in the buyer’s favor, a first time home buyer could save thousands!
The Current Real Estate Market – A Buyer’s Advantage
The real estate market over the past year has gotten better as many areas are starting to see less foreclosures, but there are still more homes on the market than willing people to buy these houses. This means that the market is still considered a buyer’s market. Great news if you are looking to buy a new property.
Many sellers are paying for buyer’s closing cost or reducing the price of the house. Many home builders have fantastic incentives to buy today. A buyer could buy a new home without even paying closing cost.
Several homebuyers are finding fantastic deals on properties that are not short sales or foreclosures. There is a misconception that short sales or foreclosures are the best deals, but in many areas, builders and properties sold by their owner are actually a better option.
The real estate market is in the buyer’s favor, so now is a great time to purchase a house. Contact your local Realtor Professional and discuss what your real estate market is doing. Since each real estate market is not the same, it is important to discuss with a real estate professional before making a decision.
Keep in mind that buying a house is an investment and that you should look at the buying of a house over the long haul. Houses will gain and lose value in the short time, but over a long time period, houses usually increase in value. Take into consideration the money you will be saving in interest and closing cost, and for those that act quickly, they could save thousands.
David White is a Sr. Home Loan Consultant with over 12 years experience. David specializes in home loans. David is a Dallas home loans expect.
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