Is Now The Best Time To Buy A Home?
Any potential home buyer should be concerned with the current housing market. More importantly, they should be concerned with the types of loans available to them. As a first time home buyer (or even those who have been around the block- quite literally) should realize, getting into a low rate mortgage loan offering a fixed rate should be the optimum option. I highly recommend your first contact is through an FHA loan professional. FHA, or the Federal Housing Association, provides fantastic opportunities for individuals looking for affordable loans.
However, should you invest now?
Chances are good you have heard all the worries on the national news programs:
• Credit harder to get
• The housing market continues to fall
• Home values are falling
• There is a lot of risk
Nevertheless, you may not realize that on a more local level, this is not the case. You see, when nationally televised programs are offering stats on how the housing market is doing, they are only seeing the big picture. The facts are that the local picture is much clearer and still offers fantastic opportunities for home buyer. In fact, there is an abundance of homes on the market, many of which are well priced and fully featured; meaning now you will pay less for the home of your dreams than you would have three to five years ago.
Look at a local situation closely. For example, the Port Orchard Independent, a Washington publication, offered a better look of what the housing market is really offering in their neck of the woods. There, for example, there are some excellent opportunities.
• Interest rates on mortgages are at historically low points now, making it more affordable to buy a home at this point
• Washington state banks, consumer loan companies, mortgage brokers and even local credit unions have the funds available to loan to those who have average or better credit scores.
• A variety of FHA programs are now available for those looking for a low cost way to get into a home.
• More variety in loan programs including expanded FHA guidelines make it a better time for the home buyer to get the type of home they want.
• There is a large selection of quality homes, as well as new homes on the market in most areas.
• In Washington, in particular, home values are steady, not plummeting as most news reports show.
• In fact, Washington’s economy is outperforming that of other states and the national economy as a whole
It’s Not Just Washington
While these are some facts about Washington State’s current situation, the fact is, many states are seeing the same evidence. Before you hold back on buying a home because you are worried about the national level of housing market success, look at the local point of view. You may find that the local market is an ideal opportunity for investment.
Make A Personal Decision
It is also important to make a personal decision about investing in a home now. Are you at the right place in your life to make a good investment happen?
Take a look at your current credit score and boost it anyway you can, such as paying down debt and by making payments on time. Also, be sure to pull a credit report to remove any mistakes that could be there. Improve your credit for as long as you can.
In addition to this, realize that the best programs available to you currently are likely FHA backed loans, because they provide lenders with more security and are more likely to be funded at a lower interest rate.
