...by Kiley Black
There are many people on the fence about buying a new home right now. Their concerns stem from the overall housing market in Massachusetts and their worries about the potential of losing value in the new home over the first year or two.
Let’s face it, the possibility is there, but we don’t know many people who are flippping houses right now.
So, if you are not looking to flip a house, if you are looking to buy a house that you will stay in for a number of years and you are interested in finding a community in which to settle, then you can’t lose.
Home prices are low and the mortgage rate which was already low in comparison to five years ago just fell again. So even if you do lose money on your house (on paper) in the first year or two you will come out on top. If you are going to remain in your home for a while, the rates and prices right now combine to ensure that you will save money by buying now versus waiting until later and gambling with a mortgage rate increase.
So if you are on the fence, talk to an expert and let them help you do the math. But if you are still concerned, there are a number of foreclosures and short sale homes to consider. Generally, these sell for under market value. Although, to a degree there are some hurdles to overcome with these purchases and you do need some patience as well. These types of purchases take longer than traditional home buying transactions. If you need to speak with a realtor, and you don’t know who to call, we can help direct you to some of our trusted associates.