Tops Six Reasons Why You Should BUY A New murfreesboro tennessee Home Now!
Thinking about buying a new home but just can’t decide if now is the right time to buy or sell? Don’t think too long! Home buyers today have the ability to get in their time capsule and go back in time to get the greatest deal of the century!
- Home Prices Are At The Bottom!
Ok, I must admit that I don’t know that for a fact. However, home prices nationally are at the same price today as they were ten years ago! While no one can predict the exact date and time that home prices will reach their absolute rock bottom, they simply can’t go much lower. Whether you rent or buy, individuals and families must have a place to live and it is now cheaper to buy than rent in most areas.
- Home Affordability Is At A Ten Year High!
That IS a fact! Home affordability is averaging 14.7% which is the lowest it has been since 1991! Home affordability is the ratio of median home prices to median income. In 2006 the average family spent 36% of their income for housing. Compare that to the less than 15% today and it is easy to see what I mean when I say homes are more affordable than ever!
- Mortgage Rates Are At 60 Year Lows!
Just think how powerful that statement is! Mortgage rates are now the lowest they have been since 1951! It’s like having your own time capsule that allows you to travel back to 1951 to get your home mortgage rate, stop off at 1991 to get the home price you can afford, and bring them both back with you to 2011 and select the home of your dreams from the large inventory of homes! It’s really amazing if you think about it! The current housing market is a once in a lifetime opportunity for individuals and families to own the home of their dream at an affordable price with a guaranteed fixed rate mortgage.
- It's A Buyer’s Market!
The real estate market is local. It always has been and always will be local. There are some areas in Nashville, Brentwood, Franklin, and Murfreesboro that are in a seller’s market due to low supply. However, even in areas where there is lower supply which supports a seller''s market, the homes are selling at discounted prices from a few years ago. The average days on the market may indicate a seller’s market but the price tag still reflects a buyer’s market. In most areas the demand is lower than the supply which makes for an excellent opportunity for buyers. Higher inventory means a better selection of homes. More properties to choose from means you can pick a home with a shorter commute time, located in the school zone of your choice, live closer to relatives, or provide the lifestyle that you always dreamed of but couldn't afford until now. Home buyers are in control when it comes to picking a house to call HOME!
- Foreclosures and Short Sales Are In Larger Supply!
Bank owned REO properties and short sales are easy to find. If you are able to buy a home with no contingencies and have the time to wait for an accepted contract and possible delayed closing, you can get a great deal.
- You’re Not Buying A House But A Home!
A home is the largest single investment that most people make in their lifetime. It is natural to want to secure a great deal and make a wise decision. However, sitting on the fence and waiting to see what the market does may prove to be a big financial loss. For every percentage that the mortgage rate increases, it makes your monthly payment increase 10%. Purchase a home that you will be happy to live in for several years. If you can commit to owning your home for 5 - 7 years you will more than likely ride out the down market and capitalize on the upward trending prices. Given the extremely low home prices of today, the odds that you will build equity and make a profit when it comes time to sell in a few years is great! And in the meantime, you are living the American Dream building memories that will last a lifetime in your new home. You aren’t just buying a house; you’re buying a home! Studies have shown that kids are happier and feel more secure when they live in their own home! (This adorable picture was drawn by Erika Aoyama on November 16, 2002. Home prices are now lower in some areas than they were when this picture was drawn!)
If you have a home you would like to sell, or are interested in buying a new Murfreesboro Tennessee home, please contact me at 615-566-3789. I provide professional real estate representation for buyers and sellers in the Nashville area including Brentwood, Franklin, Smyrna, and Murfreesboro. What are you waiting for? Get in your time capsule and call me now before home prices and mortgage rates adjust to 2012!