CHICAGO: The economy is stabilizing. Home prices are holding. It's not just as good a time as ever to buy a house. It's one of the best times ever.
ForSaleByOwner.com presents five overlooked reasons why now is a great time to buy a house.
- Low mortgage rates serve as an equity shock absorber. When buyers borrow at today's record-low rates, they start building equity as soon as they close. That means they have a little give to absorb a few ups and downs as the still-recovering housing market gains traction.
- Houses are in move-in condition. Homeowners have continued to spend on maintenance and repair, according to the Harvard Joint Center on Housing. Homeowners who have been holding back kept their houses in good shape while they waited. As those houses enter the market, they are in marked contrast to tattered foreclosures.
- Terrific houses are coming on the market. Foreclosures are finally starting to clear the system – and this is just the opportunity that owners of many desirable properties have been waiting for.
- Appraisal regulations are finally aligned with market realities. Fannie Mae has adjusted its appraisal guidelines...again. Now that appraisers have more flexibility to set values that reflect the current market, today's deals will make it over the finish line.
- Plenty of programs. Homes are more affordable than they have been for years, but communities have stuck by "workforce housing" programs that encourage middle-class families to buy houses. Buyers who qualify can get a big boost by combining one of these programs with today's low mortgage rates.
About ForSaleByOwner.com
ForSaleByOwner.com is the nation's leading "by owner" real estate website. Since 1999, ForSaleByOwner.com has saved home sellers more than one billion dollars by coaching and equipping them with information, tools and services that enable them to buy and sell houses directly.
By selling directly, homeowners can recoup more of their home equity by controlling transaction fees. The company charges $89 to $899 for its wide range of advertising, listing services and related information and tools. A homeowner selling a $300,000 home through a real estate agent would be charged a 6% commission and pay approximately $18,000, plus additional fees.
ForSaleByOwner.com was acquired in 2006 by Tribune Interactive and is based in Chicago.
SOURCE ForSaleByOwner.com
