29 May Is it Really a Great Time to Buy Your First Home?

We think it is!

Affordability is the best it’s been in 30 years – we’ve seen a 34% decline in housing prices since 2006. And according to Trulia, in 98 of America’s top 100 markets it’s actually cheaper right now to buy than rent.

Of course these rates benefit investors, but what about the first-time homebuyer? A great opportunity exists, but most young would-be homebuyers are still frozen in fear due to the recession.

Understand that history reveals no other sustained period of real interest rates this low. Americans can not only get their homes at rock-bottom prices, but they can lock in today’s borrowing costs for the full life of their mortgage, enjoying full certainty about future payments.

The benefit of being a first-time homebuyer in this climate is not being trapped in another home that can’t currently sell. The biggest hit to our economy was escaped by many because they had not yet entered the housing market.

What do you think?  Is it wise to take the plunge in this era of economic uncertainty? What would you tell first-time homebuyers?