No doubt you’ve heard the news: the housing market hit a rough patch this summer. Sales of existing homes declined at a rate that took many by surprise, sending pundits into a “what’s next” tailspin. As the prognosticators pondered, savvy buyers didn’t miss a beat. They got that the doomsayers were taking a one-dimensional view of the buyer’s market and that market skittishness gives rise to an even more favorable climate for buying a home. Recent history has reframed some of what had long been taken for granted about buying a home.  Namely, we’ve learned that even though buying a home remains one of the best and safest investments available, a home should not function as an ATM or a short- term speculation strategy. So, where does that leave us? A lot smarter, able to recognize an opportunity when we see one, and aware of the facts that point to NOW as the prime time to buy a home. Doug Duncan, Fannie Mae’s chief economist, contends that further intervention at the federal level will be counter-productive. At today’s rock- bottom rates, buyers stand to save $8,000 many times over during the course of a 30-year mortgage.
Home afford-ability is at an all time high.  The median mortgage payment on the median priced home as a percentage of the median household income is lower than it’s been in a generation. Mortgage rates are at rock bottom.  It’s hard to imagine interest rates going much lower, and when tey start to inch back upwards, monthly payments and total loan costs will spike upwards. Home prices are back on the rise.  After declining for 30 months, home prices are trending back upward.  The time get in to the market is NOW! Sellers are motivated.  This means that buyers have the upper hand!  From banks looking to dispose of foreclosed properties to homeowners who are fiercely competing among an excess of housing inventory, buyers have untold choices and negotiating power. Owning vs renting is increasingly favorable.  Since 2009, the average principal and interest payment has fallen below the average rental rates, and the gap is now wider than it’s been in the past 22 years. Homeownership is still at the core of the American Dream!  Owning a home is critical to financial stability and wealth building.  It’s a forced savings account, a place to live and a fabulous tax deduction.
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