Now Is the Time to Buy

Posted August 4th, 2010
by Staff (no comments)

If you want to own a home in the United States, the government and private lenders seem willing to do whatever they can to help keep your dream alive. Even those who have fallen severely behind on mortgage payments are being given second and third chances by lenders, largely due to a variety of government programs which encourage mortgage companies to seek other alternatives to foreclosure. Of course, if you are behind on your mortgage, you should contact your lending institution for specifics. And while you’re in the process, do your best to make mortgage and homeowners insurance payments on a regular basis.

Home ownership has long been seen as one of the benchmarks of the American Dream. It has long been believed by politicians and citizens on both sides of the political spectrum that home owners make more involved citizens, and that a culture of home ownership is beneficial to all of us.

Unfortunately, the percentage of Americans who own their own home has been decreasing steadily over the past five years. Much of this is due to the bursting of the housing bubble and people not being able to afford mortgages after ARM rates went up.

This is a great time to buy a home if you have the credit to do so, though. The price for housing is cheaper than we are likely to ever see it again. So are the interest rates. Of course, banks are very hesitant to lend to those with poor credit, so if your credit is in rough shape, you’d do better to spend a year or two repairing it before you seek to take on a mortgage payment, property taxes, and homeowners insurance payments.

If you’ve never bought a home before, there are a number of programs that are designed to help you buy your first house. If you’re willing to live within many of our cities, you may even qualify for grants and low interest loans to fix an older house up.

There’s never been a better time to be in the market for a house. After five years of declining home ownership and two years of sharply declining property values, the housing market is starting to show the first signs of a recovery. As with any investment, the best time to jump into home ownership is when values are at their lowest but starting to rise.

Photo via Cicciofarmaco | Photography

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