Things to Consider When Buying a Home - Summer 2023 Edition
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DAILY REAL ESTATE NEWS | MONDAY, AUGUST 13, 2012
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“It’s hard to argue against buying a house now, assuming you can get a loan,” writes John
Waggoner, a columnist with USA Today. Sure, Waggoner says that getting a credit check f or
approval of a mortgage can be a “only slightly less intrusive than a CIA background check,” but f or
those who are able to qualif y, a lot of analysts say that now can be a good time to purchase a
home.
1. T he price is right. T he median single-f amily home price hit its lowest in more than a decade
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when it reached $154,600 in January, according to the National Association of REALT ORS®. T hat
was the lowest since October 2001. During the height of the housing market in July 2006, the
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median home price f or a single-f amily home was $230,900.
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2. It’s cheaper to buy than rent. In nearly every major metro market, it is cheaper to buy a home Ho w Americans View Yo u
than rent. Rents have been on the rise the last f ew years and are predicted to continue to rise. No tes Fro m Readers: The Distressed Debate
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2. Meanwhile, home af f ordability is at record highs, which means that buying a home is more within Investing in Yo ur Success
reach to the median income f amily. July/August 20 12 Market Pulse
3. Inventories of for-sale homes are shrinking. Ned Davis Research estimates that excess
inventories of homes to be eliminated by the end of next year. “When excess supply dries up, Most Recent News Features
people start building more new houses, which has the virtuous ef f ect of reducing the
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unemployment rate and increasing the economy generally,” according to the USA Today article.
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4. Mortgage rates are at record lows. Mortgage rates have hovered near record lows f or In Defense o f the American Dream
weeks, which has helped pushing housing af f ordability higher. For example, the average 30-year REALTORS® Running to Win
f ixed-rate mortgage, which is the most popular among home buyers, is 3.59 percent, according to What Sho uld Salespeo ple and Bro kers Fo cus On
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Freddie Mac—just above its record low set on July 26 of 3.49 percent average. “It’s conceivable
that at some point in the next 30 years, your interest rate would be less than the rate of inf lation,”
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writes Waggoner f or USA Today.
Refis Go o d, But Purchases Are Key to Gro wth
Source: “If You Can Pull it Off, a House is a Smart Investment ,” USA Today (Aug. 9, 2012) Help fo r Clients Applying fo r Jumbo Financing
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