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Is this the best time to buy a house? Interest rates are low?
Or should we wait for the economy to stabilize some more.
Ask yourself this question, is
Job or income levels fairly secure? If your answer is yes then this real estate market we are in at this very moment is the best ever. Pricing is actually swaying back and forth toward possibly inching up again. With pricing low and interest rates really low, this is the perfect time to fetch a deal.
I would Agree with Pocono Rick
Im studying business at university in australia, and we have learnt about interest rates to a certain extent.
When interest rates are low, it can be a due to the reserve bank (or your nations main bank) lowering interest rates. Many other banks will follow this. Low interest rates can be due to the government wishing for consumers to spend more money to kick start the economy(an incentive). So if you experience a huge drop in interest rates make sure you also observe the rest of the market as many others may have the same idea and will join the competition of buying a house.
Yes, it's a great time to buy a house. Interest rates are down and prices are too. However, there are a few things you can take away from the recent foreclosure crisis to consider when buying a house:
1. Get a fixed rate mortgage. Adjustable rates only make sense when the interest rate is very high. The banks are pushing them because they're a great deal for THEM right now, not you.
2. Don't buy more house than you can really afford. Just because the bank approved you doesn't necessarily mean you can afford it. Use your own budget as your guide, and make sure you leave room for the unexpected expenses that always come up--car repairs, etc.
3. Check the taxes and insurance. The property tax amount quoted to you is almost never right. Usually, it is what the current property owner is paying, which may have been set based on the purchase price 20 years ago! The new property tax rate will most likely be based on your purchase price, so call the tax assessor's office, give them the address and price, and get an accurate estimate. Also call your insurance agent and get an accurate insurance quote. Make sure you set up an escrow that is high enough to cover both of these amounts.
4. Establish an emergency fund before buying a house. If you don't have enough money saved up to cover six months of living expenses in case of a layoff or an injury that keeps you from working, you should probably wait to buy a house until you get your finances in order.
There are a lot of things to consider. Job security would be number one. Is it likely that you will stay in your job, or will there be lay offs. Then you will have to be able to qualify for the loan which has gotten a lot tougher in this economy.
One word of advice if this is your first home. Do not let the RE agent show you house above your price range...because, of course, the higher priced houses will be nicer and you may find yourself willing to sacrifice your budget to get that dream house. As one who experienced this years ago, being house poor is miserable.
by Sekharg7 years ago
I see lot of houses for sale.I heard interest rates are lowest.Is it a good idea to buy a house now?What do you think?
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