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How to Know When to Purchase a House
Families which have imagined becoming homeowners and also have wondered when you should purchase a house have found that this could be the perfect time. Mortgage companies are providing favorable terms on properties which are undervalued. Buying a house has got easier too, with banks visiting a increase in mortgage applications. And, with predictions of market recovery, a home purchased right now could see a great roi.
Housing costs are over fifty percent what they have been in the final decade. Experts predict a recovery in the real estate market. So when the market bounces back, prices will rise quickly. If there is ever a period to purchase a home, this would be it. Interest rates as also low at this time too.
Obviously, everything depends upon location. The National Association of Realtors report that homes in some regions of the U.S. are depreciating a lot more than in other areas. It is usually time for you to purchase a house in places like the Miami-Fort Lauderdale area where costs are down about 20 percent, but not so much in places like Buffalo-Niagara Falls where the prices have increased 10.8 percent.
Some projections say that this trend continues and home prices continues to fall 'till the end of 2012. Others the market will continue to stay down until 2014. Despite this uncertainty, when to buy a house also depends upon mortgage rates, which aren't likely to stay this low for too long. In fact, the Mortgage Bankers Association forecasts mortgage rates will be close to 6 percent by the end of 2012. So from the lending standpoint, this can be the optimal time to buy.
Additional factors should be thought about while you decide when you should buy a house. Are you planning to stay in the same geographic area for the next 3-5 years so that you can obtain a good return on your investment if you want to sell? Have you got a secure job? The average family pays 12% of their monthly income in mortgage repayments. And, the downward economy had resulted in rising rent costs due to a record occupancy rate in apartment complexes. Rental prices are expected to climb 3-4.5% this year. In some areas, rents are higher than monthly mortgage repayments. In those cases, it's simpler to determine if when you should buy a home is now.
