Buying Your First Home Now!
There has never been a better time than now to buy a home. The
prices are lower than ever and the Federal Reserve continues to lower
the interest rates in an effort to stimulate the economy. Yet few
people are buying because they are either afraid or intimidated by the
aspect of “losing money.â€
Everyone has heard that the residential real estate market has crashed
and burned. It might even get worse before it gets better, although it
is pretty much lower than it has been for decades. This is a bad time
for anyone selling real estate, but not for buying.
If you have been
pondering whether or not to buy but are either afraid of the market,
fear no more. This book is going to tell you everything you need to
know about buying a house in this economy or any other market.
Buying a house is not like buying stock. Both are investments and
both should be considered long term investments. A house generally
appreciates in value each year along with inflation. So does stock.
Bank accounts also appreciate in value due to interest, although
today’s interest rates are lower than the rate of inflation. If you let it
be, however, your bank account will be worth more money in 10 years
than it is today, assuming you are getting some interest.
A bank account is the most conservative way to invest. Bonds are also
another conservative investment. Stocks are a bit more risky. Most
investors will advise that you diversify your investments so that you
have some conservative investments as well as some high yielding,
risky investments. The younger you are, the more risk you can afford
to take. As you get older, your investing should become more
conservative. After all, you don’t want to reach retirement age and
find that you have nothing because the stock market crashed.
A house, however, is a different type of investment. Unlike stocks,
bonds or bank accounts, a house is a necessity. We all need a place to
live. And we have a choice between either renting a house or
apartment from someone else or buying our own house.
Today, mortgage brokers make loans to just about anyone. There are
no money down mortgages available, special programs for first time
home buyers and even seller financing. You do not have to have
perfect credit to buy a home. Even people with poor credit or a prior
bankruptcy can get a mortgage. And mortgage lenders are dying to
make a loan to just about anyone.
