Top Reasons You Should Buy A House Right Now
The housing market is definitely recovering, offering more favorable conditions for wannabe homeowners than ever during the past few years. This improvement comes as a result of a recovering economy – as employment is rising, buying power is getting stronger as well, so now can be the best time to start shopping around for the home of your dreams. This favorable market conjuncture touches upon a number of aspects, so here you can find a few of the most frequently cited reasons why you should take quick action and buy a house right away.
Low Mortgage Rates
Though a rising economy means more money in the citizen’s pocket, which would normally mean more demand and higher prices, the housing market is more complicated than that. Mortgage rates are not determined only by rules of demand and offer – they are set by state-level policy decisions and programs that have the goal of stabilizing the market. If you are looking for a home and you need a mortgage loan, now is the best time to get one. Even though the above-mentioned policies are used to regulate the housing market in the long run, the market is still volatile, so you cannot know which way it is going to move next year.
An Incredibly Wide Choice
The San Diego housing inventory has not been this rich in a long time, especially if you are looking at already existing homes. It’s true; some of them come from foreclosures. But still, it does not change the fact that home buyers today can choose from a much wider selection that they did same time last year.
The situation is somewhat different in the case of new housing, though. There is a very serious shortage in that area, so the prices are relatively high and the choice is limited. According to experts, recovery in that department will take at least a few years from now.
Rents Aren’t Worth It Anymore
According to some recent studies, average American renters spend more than 30 percent of their monthly income on rent. In a period when the hourly earnings of employees in the private sector are declining, steep rents can cause desperate financial situations. While renting a home in San Diego is very expensive and it does not give one a sense of being settled, mortgages are becoming more and more affordable these days. Besides mortgages being all in all cheaper than rentals, there is the psychological aspect, too: if you own your own home, you are no longer forced to be at your landlord’s mercy and you can calculate exactly how much you will need to spend on your home on a monthly basis.