why you should consider buying a house now

We tend to make financial plans looking backward, learning the lessons of our most recent costly experiences. That’s why individuals don’t buy stocks at the “bottom”; they’re simply too scared. And in a similar scenario, that’s probably why people aren’t buying homes right now, despite still relatively low home prices and historically low finance rates.

More millennials — roughly, those born between the early 1980s and the late 1990s — are expected to buy a first home in 2017.

It’s time to take a step back and take another look at the housing market. Of course, the decision to buy is a complex one, often depending on your own job situation and your current credit rating, as well as having enough savings for a down payment. But you can work your way through those issues — if you believe in the benefits. Here’s why you should consider buying now.

1. Rising Rents. Renting is the alternative to buying (unless you’re living in your parents’ basement). But you’ll find that the rental market has tightened considerably, pushing rents higher. Fewer apartment buildings have been constructed in recent years, and as the economy recovers, even condo owners who were caught in the crunch are demanding higher rents.

2. Low Mortgage Rates. This is a terrific deal placed in historic context. Back in 1981, when people feared inflation, mortgage rates neared 15 percent!

3. Down Payments. Many people are intimidated by the widely publicized 20-percent down-payment requirement.

4. Rising Home Prices. If you buy now, five years into the “recovery,” you’re not getting the cheapest price on that home you want. But you’re certainly not overpaying either. Home prices rose by 8 percent in 2012, by 11 percent in 2013, and by 5 percent in 2014. But that’s off previous depressed levels.

5. Competition. The time to get into the market is when there is little competition pushing prices higher. That time is coming to an end.

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IAM NANCY marketing executive-SDR  GOLDEN HAT GROUP