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I'm a young professional who recently graduated from school and am finally making actual money (school works). I'm single, have no children, debt or financial responsibility. I'm interested in real estate and possibly entering the housing market. I've been doing a bit of research and find that I have more questions than ever before.
Anyway, the other day, I stumbled upon an infographic (http://visual.ly/5-reasons-buy-house-right-now) that claims that "NOW" is the time to enter the housing market. I'm just not sure with these sorts of claims. My question is the following: Is now really a great time to enter the housing market? Additionally, if anyone has any mortgage-related information for potential first-time buyers, such as myself, I'd greatly appreciate it.
I look forward to your words of advice! Thanks so much for your time
Have you looked at interest rates? Have you seen how low they are? How long do you think they'll be this low? They inched up and over 5% a few months ago and people freaked out. They're back down to the low 4's and into the 3's if you have good credit and a good down payment. Would you feel more comfortable if rates were back up around 5%? Have you looked at mortgage calculators to see what the payment difference would be between today's rates and what might happen to rates later this year or next year or 5 years from now?
Real estate as an investment is about rate of return. Run some numbers against what it costs you to own verse what it costs you to rent vs what the average appreciation is year over year in your area.
Where else but in the US of A can you pay less taxes because you finance a home and pay real estate taxes? By buying a home, you not only shelter income, but (ideally) can look forward to some appreciation. At these rates, why wouldn't you buy?
just buy one and be glad you did. real estate is also volatile but slower than others like stock markets and investment funds. Buy a place to LIVE is key...if you're thinking of investing...well if you have the cash flow...still go for it. Since '08 market crash...things have been picking back up but not to the year '06 or '07.
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