Do we buy? Do we wait? Will prices go down?
This seems to be the question on the minds of many home buyers.
No one has a crystal ball, yet let’s put things into perspective.
Some say “the past influences the future”!
These are the facts from the past recessions:
What this chart shows: Even though housing prices have risen over the years, today is best time to purchase a home. Why?
1) Interest rates are the lowest they have been in 30 years
2) Rents and salaries have increased since 1993 but ownership has not!
There are those who believe housing prices will fall and want to wait to see what happens.
We believe that homes catering to first time buyers may have a slight increase or remain stable in 2009. Why, because of demand. There are a large number of people who are tired of paying someone else’s mortgage and feel they are throwing their hard earned money out the window. Take control of your life by purchasing your first home during a period where we are experiencing the lowest interest rates in 30 years. It’s not always about the price…it’s about affordability. Families who bought homes last year have monthly payments that are 20% higher than those who will buy this year.
The properties that will see the greatest drops, are those listed above $400,000.
Will you be a part of the recession or rise above it!