Most of our life decisions are based on need, necessity or desire. This is certainly the case when deciding the right time to commit to a real estate purchase. In a time when our economy suffers with an abundance of foreclosures, unemployment, plus government and corporate greed, most folks might feel apprehensive about purchasing a home. Predicting when the housing market hits the bottom depends on who you listen to. The real estate industry feels a recovery is in the near future while the media pundits think we are years away from stability.
How can any particular entity knows when the housing market is poised to recover when all of the so-called experts are relying on data that is outdated. It’s agonizing for first-time or repeat buyers to make a decision when there is so much unreliable information floating around. The fact of the matter is no one can accurately predict when any market hits bottom.Ultimately, it will come down to your family situation, personal need and of course your ability to financially afford purchasing a home. If your present living arrangement is crowded due to space or life deals you a hand that dictates you move into action, that is the most opportune time to assess your financial ability in relation to your desire to pursue a home.
There are a number of factors that can create a confidence level for homebuyers and current homeowners. Most housing advocates say the federal government should do more to persuade lenders to make mortgages more affordable and easier to obtain the necessary financing. Slowing down recovery can be attributed to tighter lending guidelines that have prevented some buyers from qualifying for a home loan. Many experts believe lenders have went too far in the other direction to correct the freewheeling policies that led to the current housing crisis. These tighter lending standards are keeping many willing buyers out of the market.
The housing market in Davis,California is slowly recovering due to the historically low-interest rates and investors are now coming out of their hibernation of the last five years and see enough positive signs to start pursuing long-term investment properties. A low-interest rate is more economically efficient than a low price. Over the life of the mortgage loan , the lower interest rate will yield more savings than a lower price. That’s exactly why the low-interest rates now available are significant. The market corrected prices definitely sweetens the opportunities. No one knows what the future holds in real estate, but we do know the combination of price declines and desirable interest rates are authentic and have created the best atmosphere for home buyers in over a decade. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home, scan my other informative blogs and easy access to view all local area homes for sale.