Remember when you used to jump rope with your friends? You’re on the playground, and two of your friends are turning the jump rope. You’re choosing the perfect time to jump in. “Now!” But you wait. The rope slaps the pavement rhythmically, and your body leans forward and back a little with each turn. “Now,” someone shouts, but the timing still doesn’t seem right.
That’s kind of how some people feel about the housing market. Real estate agents, builders, politicians, your hair dresser – they all say it’s a good time to buy right NOW – first because home prices were falling and interest rates were dropping. Then “now” was the best time to buy because there was a tax “credit” that you could pay back on your income taxes over the next several years. After that, “now” was the best time to buy because you could take advantage of foreclosures and short sales. Then, there was a true tax credit for both first-time buyers and long-term homeowners, but that has expired. And that gets us to now…
And NOW… mortgage rates are at a 50-year low. And some experts predict that home prices could go even lower – or at least not go higher in the short term. On the
Equifax Personal Finance blog, Real Estate Expert Ilyce Glink argues that
NOW really is a good time to buy because of those two factors. Your new home will cost less because prices are so low and because you won’t pay as much to finance it.
But if you really are planning to jump in NOW, you need to plan to stay awhile. Check out Ilyce’s post at Equifax to find out why before you buy your new home.
