Have you looked at all of the current events & news reports on housing and wondered: How Can I Know It’s Time to Buy? Well, that is a question often posed by home Buyers. My answer is typically, “Now is the time to buy!” I don’t say that because I’m a Realtor and need a commission. There’s actually a set of economic indicators that can help buyers get off the fence and commit to a real estate purchase. Listed below are a few simple “math” scenarios I put together that should help Buyers understand today’s timing:
(Economic Reports Showing that it is 35% Cheaper to Buy Versus Rent) + (US Midwest & South Best Affordability Index) =
Time to Maximize Your Budget
(Decline in Foreclosures & Short Sales) + (Rise in Home Prices) =
Buy Now for More House for the Money
(Rise in Home Prices) + (Reduced Inventory) =
Future Drops in Affordability & Loss of Buyer Negotiation Strength & Fewer Home Options
(Consistent Positive Jobs Reports) + (Fed Tapering) =
Looming Rise in Mortgage Rates
(Job Recovery) + (Advantages of Leaving Mom’s Basement) =
Rise in First Time Home Buyers
All of these indicators are in play right now, with one exception. The Fed has not moved forward with “tapering.” However, this action is expected by Spring of 2014. Watch the news reports and see for yourself. If you need more information about home buying and what is available to meet your needs and timetable, please give me a call.
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