With twenty-five years’ in the mortgage industry, I’ve pretty much seen it all. I’ve seen buyer’s markets and seller’s markets. I’ve seen rates way up and rates at all-time lows. I’ve seen home values appreciate out of sight and home values spiral back to earth. Through every market, prospective home buyers have asked, “Is it a good time to purchase a home?”
There are two ways to answer this question:
- If we consider today’s housing market, interest rates, and the economy, the answer is easy.
Now is an excellent time to buy a home. Home values generally have been rising. While rates have gone up, they are still extremely low. And the economy seems poised for greater growth. Procrastination will likely result in you paying more for a house – and having higher payments due to higher interest rates. Tomorrow’s higher prices and interest rates will make homeownership less affordable!
I’ve witnessed prospective buyers remain on the sidelines, waiting for the absolute bottom, only to lose the perfect house or be outbid. Even the best stock pickers rarely buy stocks at their absolute lows and sell at their very peak. Buying and selling a home is no different. Market timing rarely works.
- Now that we’ve established it’s a great time to buy, is it truly a great time for you? There are many financial and lifestyle factors to be considered; more than you might realize!
If you want excellent and unbiased medical advice, you should talk to your trusted family doctor. And if you want excellent and unbiased housing and financial advice, don’t expect to get it from a salesman at a local bank. For excellent advice tailored to your specific needs, make sure you work with this Certified Mortgage Planning Specialist®.
Call us for a No Cost, No Obligation Consultation. We will help determine whether purchasing a home is right for you. Only a qualified, competent, and Certified Mortgage Planning Specialist® can ensure your loan will be structured to take advantage of the lowest available interest rates while also ensuring your mortgage complements your cash flow needs and financial goals.
Warren Goldberg is President of Mortgage Wealth Advisors, a Certified Mortgage Planning Specialist®, and a published author. His interviews include Blog-Talk Radio, Newsday, The Daily News, Anton Press, and the Long Island Herald. Since 1992, he’s been sharing his financial knowledge and wealth-building strategies, including how to properly use your mortgage as a financial tool. His clients regularly express their trust and appreciation by recommending friends and family call when in need of mortgage, real estate, and financial guidance.