Poll results-Is this a good time to buy.
Yes-prices are low.
It is no surprise that this question received the most votes. Any one watching prices have seen the down slide. Being in the trenches everyday I see this first hand. So, yes prices are low and it is a good time to buy.
Yes-interest rates are low.
This question received the second most votes. I asked Shane LaMacchia with PyraMax Bank his take on this. “Another great reason to buy is because of the historically low interest rates. Many borrowers are saving 25% on their monthly principal and interest payment from where rates were a few years ago”.
Yes-real estate is still a good investment.
A house is an automatic savings account. You accumulate savings in two ways. Every month, a portion of your payment goes toward the principal. Admittedly, in the early years of the mortgage, this is not much. Over time, however, it accelerates.
Second, your home appreciates. Over time, history has shown that owning a home is one of the very best financial investments.
Owning property can also have tax advantages
No-lending rules to strict.
No-can not qualify for a loan.
The fewest votes were for these two questions. Again I asked Shane to chime in.
It is true that guidelines are much tighter than 4 years ago, but I wouldn’t anticipate going back to that lending environment anytime soon. There are plenty of great loan programs out there for first time homebuyers. WHEDA has an excellent program that allows for 100% financing. We also have some great community lending programs that can be used in conjunction with grants to buy foreclosed homes. Another great reason to buy is because of the historically low interest rates. Many borrowers are saving 25% on their monthly principal and interest payment from where rates were a few years ago.
All things being considered this is a good time to buy.
Give me a call, email or….
Let’s talk, let’s go shopping.
Special thanks to Shane.
Shane LaMacchia
PyraMax Bank
SLamacchia@pyramaxbank.com
414.238.2952
