The Time To Buy A Home Could Be Now (NAPSA)—Waiting for prices to fall before buying the home you want is risky. Market conditions are currently slow but that can change at any moment. “Homeownership offers immediate benefits and long-term value,” said Lawrence Yun, chief economist with the National Association of Realtors (NAR). “If timing the market is the only thing standing between you and the home of your dreams, perhaps the time is now.” While it’s never good to rush into anything, the best choices and deals may not last. In most markets, home prices have already stabilized, said Yun, and inventory is abundant, meaning home buyers can now benefit from: * Lots of choices—Increased inventory means buyers can negotiate better prices and terms. Available credit—In addition, President Bushin late July signed the Housing and Economic Recovery Act of 2008 into law. The measure will give first-time homebuyers a tax credit of up to $7,500 and increase loan limits in some areas. Low interest rates—Mortgage interest rates remain historically low, making borrowing moreaffordable for potential homeowners. Waiting for the market to hit bottom could cause buyers to miss out on the best deals. “Unfortunately, no bell will sound signaling the end of the w With many houses to choose from and historically low interest rates, industry analysts say this is a good time to buy a home. downturn and rise of home prices,” said Yun. “By the time you recognize that prices have hit bottom, they are already going up. Getting in the game sooner rather than later raises the odds of finding the home you want.” Local housing markets may experience temporary price declines in the short term, but over a typical six-year period of homeownership, home values usually rise at a normal, gradual pace. “Owning a home involves commitment and responsibility, but it’s the best long-term investment consumers can make, for their finances and their future,” said Yun. A Realtor can explain market conditions and help you take advantage of real estate oppor- tunities. For more information, to search home listings or find a Realtor in your area, visit www.realtor.com.
