Tuesday, February 24, 2009

A New Born Baby Sparks a Homebuying Conversation

Photo by tsnsak on Flickr.

I was attending my good friend's new born baby's bris, and even at an occasion like that discussions about the current economy come up in conversation somehow. Don't get me wrong, I don't mind talking about what's going on in the world today and hearing other peoples perspective on it, but at that moment I was more engaged by some of the cute girls that were there and obviously the delicious food that was talking to me...it was saying "Get In My Belly". Anyways, I do remember however, a friend of mine saying to me in his thick hilarious Russian accent, "Bro, my friend just bought a house and locked into a 4.75% 15 year fixed rate mortgage and he was so happy that his monthly mortgage payments were so cheap." Reiterating what I've been blogging about recently, my little Russian friend was also saying how his friend was waiting for the right time to buy a home and when mortgage rates plunged he did not hesitate to jump on the opportunity to buy a home and how he thought it was such a great investment. The reality is, that housing affordability is at an all-time high and mortgage rates are still extremely low; therefore if you are looking at this as a long term investment there is no reason you should wait to purchase a home. These are just some words of comfort for anyone who is on the fence about buying a home.

Source: National Association of Realtors, via Haver

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