Posted by: rgmorgan | March 25, 2011

Housing Market – Worst Ever?

It’s amazing how what we read in the newspaper impacts our actions. If you read the paper you would believe that this is the worst housing market in history. Are there lots of foreclosures? Yes. Is inventory high? Yes. Is it harder to get a loan than it was in 2005? Yes. Are many people upside down in their current homes? Yes.
All of this is true, but………… Are interest rates still at or near historical lows? You betcha! Are home prices lower than they have been for years, especially lower than the recent boom where many people were priced out of the market? You betcha! If you can prove (document) your ability to repay can you get a loan with a good rate? You betcha! Is the selection of affordable homes better than perhaps ever? You betcha!
Just a few years ago many people couldn’t afford home ownership because the prices were so high and perhaps even worse many people who couldn’t afford the home they wanted ended up finding a lender who was willing to lend them the money. Now lenders are doing the due diligence to make sure people do not get in the situation where they have no chance of keeping the home once purchased.
As I mentioned in yesterday’s blog home ownership contributes greatly to your wealth but regardless of that, according to a recent survey, 85% of new home buyers cited the number one reason for buying a home was simply the desire to own their own home. 50% felt like it was a better investment than stocks.
Whether you are a first time buyer or looking to move up, now is a great time to buy real estate. Don’t let the pundits who preach doom and gloom sway you. Work with a reputable real estate consultant and lender and enjoy the benefits of home ownership. The glass really is half full!

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