This could be the best time in history to buy a home given that you have high enough credit score, cash, employment, etc. Freddie Mac says that the interest rate on a 30-year fixed mortgage hit all time low this week settling at 4.01%.
That translates into tens of thousands of reasons to buy now. If you compare how a 4% interest rate compares to to a 5.5% interest on a $200,000 loan the difference is substantial. You can save almost $200 a month on your payment and as much as $60,000 over the 30 year mortgage. I can find lots of better ways to spend $2400 a year…like maybe a family cruise.
If the low interest rates are motivating enough then I would consider that rents in the US are very high. In most cases a person could buy a home cheaper then they can rent a home. Then you have to consisder the appreciation of the home, the mortgage interest deduction, etc.
Who knows if we are at the bottom of the market or not. However, as an investor here in Bentonville, AR, I can tell you that the homes I have remodeled to keep as rentals or to flip are getting harder to find. They are getting more expensive, they are selling faster, and there is more competition when they hit the market.
If I can be of any assistance call me at 479-640-8375 or leave a comment on my post.