It’s no secret that the housing market has been discouraging for the last several years. An unclear amount of info about rising and falling mortgage rates has solidified the market all but unreachable for a lot of potential home buyers.
Whether you’re looking for a long-term residence or as an income property, the market is looking its best it has in a few years. Low mortgage rates are making houses inexpensive. One of the utmost concerns facing you as a prospective homebuyer is whether you can even secure that low rate mortgage. Lenders have had to tightened standards, requiring steeper down payments. some economists think that these tighter standards for lenders might be changing.
Conventional knowledge shows that owning is better than renting. Renters have been seen as throwing money away because they aren’t accumulating equity in a property. With shifting interest rates and high property costs, in recent years, renting hasn’t necessarily been a bad option. As a result of the recent housing recession, many potential owners have been renting instead.
There is change taking place right now as the market is trending in favor of buyers. House payments are becoming more reasonable than any time in the recent past. Most importantly homeowners can get more for their money.
If you’re in a place to buy a home you are going to settle into for the long term, or whether you’re looking for a profitable investment, a thoughtful approach is key. For investors, the recently popular practice of flipping a property should be approached with the greatest amount of caution and knowledge.
Investing in real estate has long been a profitable and rewarding endeavor. Just don’t forget to do your homework. You should also take the opportunity to call on an expert. I know that within my office, providing the most informative materials to prospective buyers is of the ut most importance, and with good reason, since buying a home is a major decision in any person’s life.