Should I buy a new home? Should I buy a new home now?
Well if your asking yourself these questions, then chances are you have been in an inner struggle for some time. Renting month to month… Year after year tends to lend to this very question.. Should I buy? Should I become a homeowner? Is it the right time?
Well according to Lawrence Yun, chief economist of the National Association of REALTORS (NAR), the housing market is taking a turn for the best and proved that in 2012. All homes sales showed significant gains opposed to the previous four years.
Yun states that “the huge federal budget deficit is likely to push up borrowing costs and raise inflation well above 2 percent.” He continues to say, “Real estate will be a hedge against inflation, with values rising 15 percent cumulatively over the next three years, also meaning there will be fewer upside-down homeowners…and, he also states, “Today is a perfect time for moderate-income renters to become successful homeowners..”
If you have the ability and the credit to buy, this is the time. Homeowners will experience a great leap in home equity, while renters may experience higher rent due to the even larger margin in the distribution of wealth contributed to by these economic conditions.
So to answer the question should I buy a new home???? Now? Your best answer is yes..now is the time.
Now the questions are, How much do I need down? What are the interest rates?
In Florida we have seen trends of builders taking a bigger role in making it easier to for people to become home buyers. Builders have more leniency to offer more to the new home buyer. Whereas traditionally, a new home buyer would need a 3.5% down payment, 3.5% in closing costs, appraisal and inspections fees, now a builder, in some instances, “foots the bill” if you will. Leaving the home buyer will little or no out of pocket money. In some cases, some builders are offering interest rates as low as 2.85%, paid closing costs, no down payment, and to pay the fees associated with building a house. There is no longer the so called “hassle” of building your own home. This option is now becoming the preferred way and can offer so many other perks such as, thousands in upgrades and prepaids.
Is it time to buy a new home?