The gloom in the housing sector in the US is expected to stay for the coming several months. Industry experts are of the view that housing prices, all over the US, are going to drop by almost 17% to reach fair value relative to household incomes.
The impact of the burst of the housing bubble has exceeded everyone's expectations. But, contrary to popular belief, this might be the best time to buy your own house.
The following are the 5 best reasons, given by industry experts, on why you should consider buying a home now.
Get the best deal possible
The present market situation is perfect for buyers to get the best deal possible. Housing prices are already down by 30% and there are few buyers in the market today. However, hardline negotiation skills will be required to truly get a good deal.
Get your dream house
According to the National Association of Realtors, there are almost 4 million homes waiting to be occupied at this point in time.
With so many vacant houses all over the country, you might be able to find the exact house you've always wanted. But, it is advisable to do some extensive research before zeroing-in on your dream house, as you might miss the best offer available.
Cheap mortgages
Mortgage rates have hit rock-bottom this year. You might be able to get a 30-year loan for about 4.3%, down from 6.3% in 2008.
Even if inflation picks up, you won't see the mortgage rates rise again in your lifetime. And if deflation occurs, you will be able to get a refinance. It's a win-win situation for you.
Save more on taxes
Buying your house now will also help you to save a lot. You can save on real estate taxes as well as your income taxes. And you'll also get a tax break on capital gains when you eventually sell.
Buy before the market improves
The market is bound to improve and it will come back on track. With the increase in population, more houses will be occupied. This means many of the empty homes will be bought.
When the demand increases, the prices are bound to increase as well. So, buying now will save a lot of money for you in the long run.
Ready for Home Ownership?
But before you jump to take this opportunity and buy your dream house, remember that home ownership is a long-term strategy. Think and plan properly before you make this significant financial decision.
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DebtCC Admin
Real Estate Analyst
The DebtCC Admin team continually monitors real estate trends and mortgage rates to provide our community with timely advice on major financial milestones like home ownership.