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 house. From the low rates on home mortgage loans to the great prices on the houses on the market, now is a great time to be a house purchaser.
Reduce Mortgage Loan Rates
Mortgage rates are hitting record lows and with a lower interest rate comes a lower house payment. If you purchased a house for $200,000 and did a 30-year mortgage, you will save over $55,000 over the lifespan of the mortgage compared to someone who purchased that same house 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 huge.
Even with the mortgage guidelines tightening, many consumers are still able to get qualified for a home loan. FHA home loans offer reduce 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 fewer foreclosures, but there are still more homes on the market than willing people to purchase these homes. This means that the market is still considered a buyer’s market. Great news if you are looking to purchase a new home.
A lot of sellers are paying for buyer’s closing cost or lowering the price of the house. Many home builders have fantastic incentives to buy today. A buyer could purchase a new property without even paying closing cost.
Several buyers 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 houses sold by their owner are actually the best option.
The real estate market is in the buyer’s favor, so now is a great time to purchase a property. Contact your local Realtor Advisor and discuss what your real estate market is doing. Since each real estate market is different, it is crucial to discuss with a real estate consultant before making a decision.
Keep in mind that buying a home is an investment and that you should look at the buying of a home over the long haul. Homes 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 Sr. Mortgage Loan Consultant with over 12 years experience. David specializes in home loans. David is a Dallas home loans expect.
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