Everyone wants the best deal they can - on a home, on a car, even on a gallon of milk. But, did you know that by waiting for the 'bottom to drop out' of the market you can actually be doing more damage to your financial life then you think you're bettering it? Here's why:
- Interest rates are on their way back up. If you wait for home prices to decline another 10% but interest rates go up 1% in that timeframe the payment would be the same as if you had purchased today.
- Waiting for the right time to buy can be expensive. Some buyers would still have more equity in their home today (even with the falling prices) if they have purchased when they were first considering it - instead of continuing to pay rent.
- Financing criteria is a fickle world. Even if you were a prime candidate for a mortgage a year ago you may not be today (and if you are today who knows about tomorrow). The slightest change in lending laws or your personal financial situation can greatly affect your ability to qualify for the loan.
If you've considered purchasing a home but decided to put it on the back burner I urge you to consider your decision again. Now is the time to buy! The Heritage Home Team is happy to take time with you to work through the decision process - even if you really do decide that now is not the right time for you to own a home.