7 reasons why now is a great time to buy a home
Experts are citing the bottom of the market being last year in 2011. And we are seeing signs here in Santa Claritaâ€™s real estate market that point towards things going up. But there are varying reasons why the time is nowâ€¦so watch the video we made and it will answer those questions.
7 reasons why now is a good time to buy:
1.Home affordability is at an all-time high. The
median mortgage payment on the median priced
home as a percentage of the median household
income is lower than itâ€™s been in a generation.
This is very true here in santa Clarita
2.Mortgage rates are at rock bottom. Itâ€™s hard to
imagine interest rates going much lower, and
when they start to inch back upwards, monthly
payments and total loan costs will spike upwards.
3.Home prices are back on the rise. After declining
for 30 months, home prices are trending back
upward. The time get in to the market is NOW!
We are seeing homes for sale here in Santa Clarita starting
to get multiple offers and prices go over asking.
4.Sellers are motivated. This means that buyers
have the upper hand! From banks looking to
dispose of foreclosed properties to homeowners
who are fiercely competing among an excess of
housing inventory, buyers have untold choices and
negotiating power. This trend is switching the other way
here in Santa Clarita. Inventory is getting scarcer lately.
5.Financing is readily available! Banks are back
in the game and ready to lend to well-qualified
6.Owning vs. renting is increasingly favorable.
Since 2009, the average principal and interest
payment has fallen below the average rental rates,
and the gap is now wider than itâ€™s been in the past
22 years. this couldnâ€™t be more true here in all parts
of Santa Clarita where rents are more than mortgages.
7.Homeownership is still at the core of the
American Dream! Owning a home is critical
to financial stability and wealth building. Itâ€™s
a forced savings account, a place to live and a
great tax deduction.