Why Now Is the Best Time to Buy a Home

1. The low mortgage rate acts as a shock absorber for equity. As soon as buyers close on their mortgage at today’s record-low rates, they build equity. The housing market is still recovering, so they have a little give to absorb some ups and downs.

2. Move-in-ready houses. According to the Harvard Joint Center on Housing, homeowners have continued to spend on maintenance and repairs. When homeowners waited, they kept their houses in good condition. There is a stark contrast between these houses and tattered foreclosures as they enter the market.

3. A lot of great houses are coming up for sale. Owners of many desirable properties have been waiting for this opportunity as foreclosures are finally clearing the system.

4. Market realities are finally aligned with appraisal regulations. A new set of appraisal guidelines has been issued by Fannie Mae. With appraisers now able to set values that reflect the current market, today’s deals are more likely to succeed.

5. There are plenty of programs available. Despite historically low home prices, communities have stuck with “workforce housing” programs that encourage middle-class families to purchase homes. With today’s low mortgage rates, buyers who qualify may be able to take advantage of one of these programs.