It's unfortunate when a great deal passes you by, especially when that deal involves one of the most important purchases you will ever make in your life. Well how about turning that frown upside down and looking towards the other potentially fantastic deals on the home-buying horizon. There are many invaluable reasons why now is still a great time to be a first-time homeowner. For example:
• Houses are currently aggressively priced. As we have all been witness to over the past couple of years, the real estate market can be a fickle thing which is why you need to take advantage of the ultimate buyers market while it lasts. America's gradual economic recovery will eventually decrease the opportunity for a "great buy" - a deal that is more possible in a market such as we are seeing today.
• The gap between renting and buying is narrowing. A national study for the Associated Press, conducted by Marcus and Millchap Real Estate Investment Services, reports that the difference between monthly rents and mortgage payments is at a median gap of only $256, with some parts of the country only seeing a difference of $100. Now that's a powerful reason to get out of renting and put your money towards something you can call your own.
• Historically, there is no better long-term investment than a home. As President of the National Association of Realtors, Vicki Cox Golder, states simply, "housing is shelter that provides social benefits and is also a good long-term investment." Why wait to change your life for the better?
It's important to keep these facts in mind when considering whether or not to participate in the home buying process right now, especially as a first time buyer.
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