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Why Now is THE Time to Buy Real Estate

 
   
 

If the current economic situation has made you wary of investing in a home or much of anything else you are not alone. However, many experts advise that now is a terrific time for people to buy houses, condos, and other properties.

Why Buy?

  • Prices are at an all-time low!
  • You will get more house for your money now than even a year ago.
  • Sellers are motivated to negotiate with you.
  • Home ownership includes great tax breaks.
  • Great fixed-interest-rate loans are still available!

Great Values Abound

Home prices have continued a downward cycle for the past several years.  While this means that buying property with the intention of renovating it and “flipping the house” in a few short months is no longer a realistic option, experts have every reason to believe that eventually, the economy will improve and housing prices will follow suit.  Buying now means you are able to purchase both beautiful homes and investment properties, both of which will automatically give you more house for your money than you would have gotten six months or even a year ago.  

Motivated Sellers Means Better Deals

Even though real estate professionals are advising homeowners to stay put right now, many people do not have that luxury.  The majority of homes on the market today are there because their owners absolutely have to sell them.  Many of them are facing foreclosure, and many others are simply desperate to get out.  Regardless, this means that they are far more inclined to work with prospective buyers, negotiating inspections, repairs, closing costs, and other aspects of the sale to make things even more favorable for you.  They are also more likely to agree to less than the advertised price, sometimes saving buyers thousands of dollars on the purchase of an already discounted home.

More Than Just a Physical Shelter

Purchasing a house and maintaining a mortgage can provide you with more than just a shelter in which to live; it can also provide you with a tax shelter.  Various tax breaks are available for home owners and those who have borrowed money to finance property.  Especially if you have a certain level of income, owning property is an important way to keep more of your earnings from going to the government.

Interest Rates are Good

Though interest rates have risen a bit in the past few months, there are still great fixed rate mortgage deals available to many buyers.  If you have great – or even just modestly good – credit, and a decent down payment, you will be able to negotiate an affordable interest rate from your lender.  Remember to shop around and make sure to speak with your agent about things like a reduction in various fees and closing costs.  The better your credit is, the more likely they will be to help you make the most of your mortgage.

 
   
 

Basic Commercial Loan Types

 
     
 
  Acquisition and Development
    This is a loan that will cover not only your purchase of the property but also the construction you may need in order to make the new property suit your business.
 
     
 
  Fixed or Adjustable Rate Loan
    Like other personal mortgages, this is a basic loan that will pay for the real estate itself.
 
     
 
  Interim Mortgage
    One of these will help you bridge the gap between the sale of one property and the purchase of another. It is designed to be a temporary loan for commercial properties.
 
     
     
 
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