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Should I try to buy home today?

YES, if you are working and feel confident about making money in the future then go ahead a buy a home…

Rates are holding steady in the 4’s on 30 fixed and low 4’s on a 15 year with no points. The questions still remain for those of you tracing mortgages and reading this blog: Where is the economy going? What direction will rates go? What will be the home price trend for our current homes and/or homes we want to buy? We can all agree there needs to be a recovery. What we don’t know for sure is whether or not we have really started to recover or is if there so much unknown bad news that we’re still far from recovery. There are countless opinions on countless topics such as: the state of the economy in general, wages, labor, employment, unemployment, housing, rates, the stock market, the global economy, etc…

Here’s what we do know, if you sell a home today you are selling at the low end but if you are also looking to buy you are ALSO buying at the low end. Same as if you sell “high” and buy “high”. It’s all relative!!! You just need to have the right perspective.

One thing we do know for sure is that Today is a great day to buy regardless of where we are in the cycle simply because mortgage rates are so low. Historical data indicates that the equity loss here in NJ has slowed considerably in the last year since the 10-20% reductions per year we’ve seen since 2007. The losses, if any this year (2011), should be minimal compared to the past few years. So, if we are near a bottom for housing prices and we hit the bottom for mortgage interest rates then we can certainly rationalize the statement that NOW is a good time to buy!

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