5 Reasons Why Now is the Time to Buy for First-Time Home Buyers
If the recession and the nationwide crash of housing markets left you holding off on buying your first home—the good news is that the housing market is back on track. The five reasons below highlight why now is the perfect time to buy for first-time home buyers in Arizona and throughout the country.
Mortgage Rates Are Low
Now is an excellent time to buy because interest rates as a whole are at an all-time low in many housing markets, and variable interest rates are far more regulated. Home mortgage rates have traditionally been far lower than that of interest rates for cars or other loans, which is essential since the average mortgage is 30 years. Quality Arizona mortgage brokers can help you find the best mortgage product for your financial situation.
Prices Are Competitive
During the recession, many sellers drastically reduced their selling prices to increase their odds of a sale. Even with the lower prices, many waited to buy out of concern of the local economy picking back up. While the housing market is definitely back on track, it is not thriving to a point where sellers can drastically increase the price of their home—meaning that while you do not have access to the rock bottom prices available during the recession, you still have access to competitive pricing.
Banks Are Being Held To Higher Standards
There was much that our country learned during the recession, and as a result, financial institutions are being held to a much higher standards. As mentioned above, variable interest rates are far more regulated—and all Arizona mortgage brokers have new lending practices they must comply with.
You Have Time to Be Selective
Buying a home is a major decision, which is why the average buyer views 8-10 homes before they find one they want to make an offer on. You will likely spend the next 30 years living in and paying off your home, and you may even be planning to buy with the intent of retiring in your home—so you must take the time to be selective. When the housing market is booming, you may feel more pressure to make your decision—but with the market still newly thriving, you won’t feel as much pressure to make a hasty decision.
Most Housing Markets Have Recovered
During the recession, you may have been hesitant to buy, because of concern of the long-term health of your local economy. Without doubt, there are still some real estate markets that have yet to recover fully—but the vast majority of markets have recovered. This means that you can buy with the peace of mind that your local economy has re-stabilized, or is heading in the right direction.
If you have been waiting to buy, the wait is over. Reach out to a local Arizona mortgage broker today to begin the search for the home of your dreams.
Take advantage of these exceptionally low mortgage rates and housing market by enlisting the experienced guidance from the team of Arizona mortgage brokers at Marquee Mortgage. At Marquee Mortgage, our team of brokers is committed to finding you the best financial solution to help you fund the purchase of your new dream home. Call us to schedule your free consultation and get on the road finding your “right-size” mortgage payment today!