As home sales numbers continue to decline, mortgage originators need be among the leaders of the pack in telling consumers why they need to buy a house now.
The people behind the website ForSaleByOwner.com have provided a list of five reasons why it is the best time ever to buy a home.
First, 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."
Next, many houses that are being put on the market for sale which are foreclosure or short sales are in move-in condition. ForSaleByOwner cites a Harvard Joint Center of Housing study which notes homeowners who have been holding back kept their houses in good shape while they waited to sell.
Third, as foreclosures start to clear out, terrific houses are coming on the market. Next, appraisal regulations are finally aligned with market realities.
Finally, there are plenty of programs for borrowers to choose from, such as "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, ForSaleByOwner said.
