Why it's a good time to buy
· House Affordability
According to the National Association of Realtors’, homes have been more affordable now than at any other point since the group started the index in 1970. This affordability index includes home prices, mortgage interest rates and income levels. Moody’s Economy.com predicts that house prices is stabilizing now, and Case-Shiller house price index predicts that it will fall another 11% next quarter.
· Lot’s of inventory
A large selection gives buyers more choices and drives down prices. People who have had their house on the market for a long time are coming to the realization that the prices have to go down.
· Mortgage rates are historically low
It’s not just the price of the home that will affect affordability. The mortgage rate and terms will affect your monthly payments. Rates on the popular 30-year fixed rate mortgages have hit a level not seen in decades earlier this year. Right now, it is relatively near that low. Interest rates and inflation are the negative influences of mortgage rates, and many people think that they will soon rise and these mortgage rates will not be around for long.