Is This a Good Time to Buy a Home?

The only time it’s a bad time to buy a home is when mortgage interest rates are way out of whack. This happening in the early 1980s when—prepare yourself—interest rates had spiked to something like 18%. Yes, a new mortgage had an interest rate similar to a credit card! That’s a far cry from present day, when the rate has been around 5%, give or take half a percentage point.

With regard to home prices, it’s an outstanding time to buy. You will get so much more home than you would have three years ago. Take advantage of that downturn in the real estate market. Property values will go up again and when they do, you’ll want to say you bought at or near the real estate value bottom, which is where we are at right now. Just like the stock market, you want to buy low and sell high.

Is it a good time for you personally to buy a home? There are so many factors here, but ask yourself:

• Are you tired of renting and getting nothing back in return (as in, not earning equity or tax benefits with a home)?
• Would you like to have the mortgage interest to deduct on your annual taxes?
• Would you rather have an interest rate of around 5%—the lowest it’s been in decades—vs. a completely unknown interest rate if you wait a few years to buy?
• Do you want to invest in something that is all but guaranteed to go up in value?
• Have you always wanted to own a home?
• Do you like the thought of having your own garage, your own backyard, etc?
• Do you have too little space where you currently live?

If you answered yes to even two of these questions, you owe it to yourself to look into what it takes to buy a home. Talk to a real estate agent and a mortgage professional today. These professionals can let you know how much home you can get for the money, what the Metro Atlanta real estate market looks like, and how much home you can qualify for with a mortgage. At Southeastern Realty Group, we know our local market because we are out working in it every single day. And we have built relationships over the years with trusted mortgage advisors, appraisers and others related to the industry. Call or e-mail us today: 404-850-7932  info@southeasternrealtygroup.com.

And be sure to check out our many other informational pages on here where you can learn so much more about the home-buying process, including Your Home Buying Checklist, The Wrong Agent Can be a Deal Breaker, and Understanding the Home Loan Process.