5
REASONS TO BUY A NEW HOME
| 1 |
Property values have become more reasonable. According to an index of 20 major metropolitan areas, property values have fallen some 16.6% since their peak. In some areas, the decline exceeds 20%. |
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| 2 |
Buyers have bargaining power. Besides lowering their prices, sellers have found they have to make other concessions to close a deal. Whether it’s paying the closing costs or throwing in some new appliances, there are extras that buyers are in position to negotiate. |
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| 3 |
New home loan providers are anxious to find qualified borrowers. While lenders have tightened new home loan qualification standards, they are also eager to make up for the bad loans they now have on the books by making new home loans to qualified borrowers. |
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| 4 |
Mortgage rates are relatively low. Historically, mortgage rates have ranged from 5.23% to 18.45%. At recent levels just above 6%, mortgage rates are at the low end of that range. |
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| 5 |
There’s no guarantee that affordable conditions will last. If you can afford a new home at current property values and mortgage rates it might be wise to take advantage of that. You can’t be sure of finding conditions as favorable next year. |
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