Even as the economy begins to recover, there have been few times better than now to buy a home. The current market is still in the hands of buyers’, with 30-year fixed mortgage rates resting on a national average of 5% and the average price of a single-family home sitting at roughly $163,600. Housing across the nation remains affordable.
With low interest rates and home prices, it is becoming more cost effective to purchase a home, than it is to rent in many cities across the country. For example, if you purchase your home for $300,000, nearly twice the national average, and lock it in a 5% 30-year fixed mortgage, your monthly mortgage payment would be set at around $1,610 per month. Likewise, in highly populated areas like New York City and Los Angeles, you could easily spend this much on monthly rent for an apartment.
Although the peak of available homes occurred in 2008, there are still enough homes on the market to ensure that you get the home you want at the right price. New home developers are building new homes and communities at affordable pricing with environmentally friendly features that will save homeowners money on utility bills as well as increase the quality and lasting value of the home. In addition to eco-friendly features, these homes allow you to customize nearly everything from exterior elevation to the cabinets and landscaping.
Owning a new home is more fulfilling than renting, as it provides you with something to show for your money, so to speak. In addition, owning means you live on your own terms, and move when you want. You’ll never have to move your kids from one school to another on your landlord’s terms.
When renting, you are investing a large sum of money in something that you will never own, but one of the advantages of buying a new home, is that you are working towards owning it “free and clear”. Think of it as a forced savings account that provides comfort and shelter.
Image Credit: The image was provided by the Cincinnati Home Builder Cristo Homes.
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Its a great time buy almost anywhere in the world right now.
If you can afford to and get the finance you should buy
That’s all well-and-good if interest rates stay low…
But what happens when prices start to rise again, and interest rates rise too?
The holding costs of the real estate could wipe out an over-exposed buyer in one fell swoop again.
Very true! Rather than renting a house it is preferable to invest in buying a dwelling which is cheap and comfy.