Wednesday, September 1, 2010

Why buy now?

This is an interesting piece from a blog called "Get Out of the City!" which talks about a why it is a good time to buy a home now. The article is interesting in that it doesn't shy away from the fact that we are in a bad place in terms of the economy, and examines why it is still an excellent time to buy. Here are a few highlights:

  • Buying is still smart in this economy if you believe that you will be in your home long term. Purchasing with the idea that you will turn the house in under 5 years is not a good idea unless you really do need to move.
  • If you know that you will need to buy a home within the next 2 years, it will be better for you to make the move now if you can. Why? Because mortgage restrictions are getting tighter and tighter. Prices are going down, but increased restrictions on mortgages may prevent otherwise qualified buyers from purchasing in the future.
  • [M]inor fixes to your home will increase its marketability and value. Simple things like cleaning the carpets, removing the clutter, painting and simply keeping the yard looking nice can raise the value by up to $10,000. Make the effort. It will pay off.

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