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 buy a new property. From the low rates on home mortgage loans to the fantastic prices on the houses on the market, now is a great time to be a home buyer.
Low Mortgage Loan Rates
Mortgage rates are striking record lows and with a lower interest rate comes a lower house payment. If you purchased a home for $200,000 and did a 30-year mortgage, you will save over $55,000 over the lifespan of the home mortgage 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 amount of money that can be saved is tremendous.
Even with the home loan guidelines tightening, many consumers are still able to get qualified for a mortgage loan. FHA home loans offer lower 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 Home 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 houses on the market than willing people to purchase these properties. This means that the market is still considered a buyer’s market. Great news if you are looking to buy a new property.
A lot of sellers are paying for buyer’s closing cost or reducing the price of the property. Many home builders have great incentives to buy today. A homebuyer could purchase a new home without even paying closing cost.
Several homebuyers are finding awesome deals on houses 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 homes 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 buy a property. Contact your local Realtor Consultant 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 consultant before making a decision.
Keep in mind that purchasing a house is an investment and that you should look at the purchase of a home over the long haul. Properties will gain and lose value in the short time, but over a long time period, properties usually gain 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 Senior Home Loan Advisor with over 12 years experience. David specializes in home loans. David is a Dallas home loans expect. Unique version for reprint here: Time To Purchase A Home – Low Rates, Buyers Market.
categories: Real Estate,First Time Home Buyers,Buying a Home,Home Buyer,Mortgage Loans