Why Now is a Good Time to Buy or Refinance Your Home

Right now is a great time to buy a new home, or even refinance your current one!  There’s been a lot of talk lately about the falling real estate market, so you might be wondering why I say this.  The fact is, a slump in the real estate market actually benefits the buyer.  Here’s why now is a good time to buy:

Mortgage rates are falling.  If you know you intend to buy your own home, why not buy it when you are guaranteed a low mortgage rate?  Mortgage rates have fallen considerably in the last couple of months.  After a steep downward slide in the beginning of February, mortgage rates have continued to drop at a slower, steadier pace. 

Fewer houses are selling.  Although a slump in the market scares some would-be homeowners away, others see it as an opportunity to buy their home when prices are low.  After all, the market is bound to recover, but in the meantime there are plenty of sellers who are competing against one another for your money.  In other words, if you buy now, you have the advantage over the seller, and you can easily turn that into bargaining power in order to get the deal you want. 

That’s not good news for current homeowners who would like to sell, of course.  However, there are other opportunities during this period that you can take advantage of.  If you would like to move but don’t want to have to pay two mortgages until you can sell the other house, consider renting it – there are plenty of people looking to rent instead of buy right now.  That means that in this case, the landlords, and not the renters, have the advantage. 

There are plenty of people out there who like to cry wolf and prophesize ruin to those who buy during a slump in the real estate market.  But the fact is, if you buy now you’ll be able to take advantage of the situation.  The market is bound to come back up again once everyone else realizes it, too, so get out there and get a good deal while you still can! 
 

• Colorado Mortgage
• Colorado Online Mortgage
• Boulder Mortgage