Is Now the Right Time to Buy a New Or Second Home?

The economy is the strongest it has been in years. People are employed again; incomes are getting back to normal. Your finances are finally secure; your debt has been reduced greatly. But, is it really a good time to buy a home? Economists disagree; some say that it’s a great time, some say that it’s horrible and you will be sitting on a loss. Here are their arguments as to why now may be the time to purchase a mountain luxury home.

  • People’s debt has been greatly reduced. The biggest reason the economy took a while to correct itself is because of the fact that people were paying down their previous debt and not putting new revenue into the economy. This is advantageous for the home buyer, as your credit score is much better the less use of rotating credit that you have.
  • Interest rates are at their lowest. When taking out a loan, you need to compare the interest rates that companies have. But, because of the fact that the housing market isn’t what it was, the interest rates are lower than ever, especially if your credit score is decent.
  • Do I really have to move? Professionals say that the best time to buy is when you don’t have to. You’re not as scared of not having a home, so your offer can be aggressive and you don’t have to worry about it biting you later.
  • Rent-to-buy options are more common. Rent-to-buy options are becoming more common as less people are buying homes outright and people need to make some sort of return on the homes they’ve built.
  • Taxpayers rejoice. Doing renovations and making a new home environmentally friendly can also provide you with some very nice tax breaks, if you’re looking for more discounts.