Don't Miss Out On Owning A Home

December 15, 2011

Sometimes people let fear of the unknown win out over reason. Owning a home is a central point in the American Dream. As the country continues to fight it's way out of the recession, prospective homebuyers continue to ask, is this a good time to buy a home. The answer is a resounding "Yes!" While the housing market is beginning to recover, it is still a buyers market. There are many factors that bring together the right elements to purchase a wonderful new home. With low mortgage rates, affordable pricing, innovative spacious floor plans, and advances in building materials, new homes have never been more affordable and economical. Mortgage Rates - How do mortgage rates really affect your home purchase clout? Take a look at a home priced at $150,000. About 5 years ago a mortgage rate of 6.5% was fairly normal and this was seen to be low by homebuyers at the time. The monthly principal and interest payment on that $150,000 home at a rate of 6.5% on a 30 year fixed mortgage would be $948.10. Compare this to the lower mortgage rates of today and look at a monthly payment at 4.5%. At this rate you only pay $760.03, so with that reduction in rate you can purchase a whole lot more home for the money. Affordable Pricing - During the housing boom pricing went up and up and up in some areas of the country. The silver lining in the housing down turn can be found for would-be homeowners. With more available inventory providing better choices for homebuyers, coupled with the lower pricing, it's a perfect storm of conditions in favor of the homebuyer. Innovative Floor Plans - As home building evolves and customer service continues to increase, builders who are in it for the long haul continue to innovate with their home designs. It's not uncommon now for marketing dollars to be spent on focus groups to help create the next new trends in home designs. By focusing on the important elements to their future homeowners, builders are creating better marketing and selling climates within their market place. More elements like low maintenance materials, flex spaces, storage areas and so on are being incorporated into the home planning for better livability. Going Green - Now more than ever advances in building materials have had a better long-term effect on the environment while creating amazing energy savings for homeowners. With energy costs at the top of the consumer concerns list, builders are constructing their homes in a more energy efficient manner with the long-term costs of operating a home in mind. As all these factors come together and continue to persist, this continues to be a great time to buy for homebuyers who are looking to enter the American Dream of homeownership. Image source: ©PhotoXpress.com
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