According to Metrostudy, a Houston based consulting company that has tracked and analyzed housing market information for more than 35 years... "Now is the Time to Buy a House".

 

Here's why......

 

1.  Potential homebuyers have lost their jobs or concerned about job security.

2.  They worry that home prices will continue to fall.

3.  They want to buy, but can't get a mortgage.

 

The first of those reasons is already easing- the job market is slowly starting to trend back up.

There are good reasons to be optimistic about the second as well--for one, rents are rapidly climbing relative to home-ownership costs.

The big sticking point inhibiting a home-price rebound is the availablity of mortgages.

Mortgage rates currently are so low that locking them in likely will offset any remaining real estate price declines, assuming that you intend to live in the home for five years or longer.  

Let's say you decide not to buy a home this year because you are afraid that real estate values continue to decline....and let's say you are right, and prices drop by another 10%.  If today's extremely low interest rates climb by just one percentage point, your monthly mortgage payment on a 30-year fixed-rate won't be any lower despite the 10% lower purchase price.  If, however,  interest rates climb significantly more than one percentage point, your monthly mortgage payments will be higher- even if you are correct and home prices do continue to fall.

Go to www.flavinandflavin.com and link to our mortgage calculator at any time.

 

For more information on getting pre-qualified or help in obtaing a mortgage

call:  Roseann Flavin at 617-479-1000 x106