While career renters may call this post self-serving, I am going to give you a few reasons why this may be the best time to be buying a home in the last dozen years or so.
1. Prices have come down, in most local cases.
2. Rates remain great, approximately 6 3/4 % for a 30 yr fixed.
3. There is more inventory to choose from now than in the past 10+ years. More selection means you don’t have to “settle” for a home you really don’t love. In Hamilton Twp. today, there are over 600 properties for sale, including MLS and private for sale by owners.
4. More inventory also means you’re probably not going to get into the emotional turmoil of being involved in a multiple offer situation.
5. A couple years ago when a buyer had a home inspection and it revealed a couple thousand dollars worth of issues, buyers were saying, “No problem, I don’t want to upset the sellers.” Now they are saying, “Please fix this before closing.”
If you are a long time renter, I suggest you take a look into the current housing market, consider the tax advantages of homeownership, and the equity you will build up in your long term investment. Over the long haul, real estate investment never dissapoints.