Jeff Adams Real Estate Seminar Buy a Home at present 5 immense Reasons the nature of market bottoms is that it's hard to tell one's occurred until prices and sales level start to rise again. That's why the best time to buy is when market condition suggests a bottom. But the rewards may be well worth it. Here are five reasons to buy a home right now.
New jobs are available
Full nonfarm payrolls rose by 217,000 in May, and the being without a job rate is 6.3 %, according to the U.S. Bureau of Labor Statistics. Service increased in professional and business services, health care, social assistance, food services, drinking places, transport and more.
Houses are a great hedge against inflation
The Labor Department also says the May Computer Price Index is up 2.13 % year-over-year. The index for all things less food and energy rose 0.3 % in May, its biggest increase since August 2011. You may be paying more for goods and services, but if you are an owner, you are better off financially.
Home price increases are slow
The middle existing-home price was $213,300, over 5 % above May 2013. Considering that the national median existing-home price was $158,700 in January 2011. That's when the PMI Insurance Company said home prices relative to income are below market basics in more than half of U.S. states.
Mortgage interest rates low
During the recession, mortgage interest rates for a level 30-year, fixed-rate loan, and averaged 4.32 %. Now they are close to that and there's no recession. That means mortgage rates have nowhere to go but up.
Demand ready to release
Since the recession, home formation fell radically to 1% of the national population. But allowing for that the leading age of the largest generation ever 81 million Echo Boomers is at present over 30, the numbers should be closer to the 2.3% annual growth of the 1970's, when 78 million Baby Boomers reached adulthood.
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