Good Reasons to Buy a House Now Including Foreclosures
Now may be the best time to buy a house in the US, as most analysts don't expect any further significant declines in housing prices or interest rates going forward. House prices are currently at their lowest level in several years and may soon start to inch back up again. An abundance of bargain-priced housing is now available due to foreclosures and falling prices. Interest rates are also near a 50 year low, and fixed rate mortgages have fallen to the lowest rates of the year at 4.63%.
This is an attractive incentive for first-time buyers and those who want to move up to larger residences or to smaller houses or condos. As the economic recovery gains momentum, though, interest rates are expected to increase which will make mortgages more expensive. Even a half-percent increase in mortgage rates can add a hundred dollars or more to your monthly payments.