WHEN IS IT TIME TO BUY? NOW!
July 23rd, 2009 categories: Buying, Lifestyle, Market Trends
This is a TERRIFIC TIME TO BUY! First let’s talk about some reasons that would motivate you.
- Are you currently renting? How do you like paying someone else’s mortgage rather than yours? Think of burning hundred dollar bills every time you write your rent check!
- Are you still living at home? It’s probably free or has a very small cost and what is it costing you in freedom and independence? We all have to fly out of the nest sometime–is this the time for you?
- You have outgrown your present home–you need more space for a growing family or less space because you are empty nesters.
- Your neighborhood is no longer right for you–the local school has changed, your job has changed location and your commute time is so long you don’t see much of your family when you DO finally arrive at home.
If any of the above reasons or any other reasons are causing you to think about buying a home now, recognise that it is one of the best times to buy in many, many years. Here are some reasons why!
- Prices are down. In Chicago we have not suffered as much as many other parts of the United States. Prices are still lower than the height of the market in 2005 and 2006.
- Interest rates are low. A lot depends on your credit score and the size of your down payment–this week interest rates on a 30 year fixed rate mortgage are being quoted at 5 per cent and a 15 year fixed rate mortgage is being quoted at 4.5 per cent. And if you are a first-time home buyer, you can get the $8.000 tax credit.
- Selection. Inventory is high and you have a large number of homes to choose from. This is a buyers’ market and prices are more negotiable now than they have been in the past.
- Peace of mind. Just think about it–you can paint your walls chartreuse with shocking pink stripes, you can let your dirty socks and underwear pile up knee deep if you want! Your mom and your landlord no longer control your life.
Personally, I think RIGHT NOW is a perfect time to buy–do you need help starting your search. If you e-mail me I can send you listings by e-mail. Or the phone still works too–312-981-2360 (direct), 312-607-1306 (cell).
Other posts that might be of interest to you are: First-time Homeowner Credit–Use It or Lose It, 7-09; Buy Now! Here’s Why!, 7 -09; Real Estate Rock of Gibraltar Constants, 7-09; Is The Two Flat Tango the Right Dance For You?, 6-09
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