Now is a Good Time for First-Time Home Buyers
For those of you who have been sitting on the fence and unable to make a firm decision whether or not to buy a home – now is a very good time to do it! If you have been renting and considering the purchase of your first home, there are a number of reasons why you should make the commitment at this time.
Due to our present economic problems, there are many former homeowners who have left their houses and condos either by choice due to financial necessity or because of foreclosure. All of these displaced homeowners must live somewhere whether it will be with relatives or by renting an apartment or home.
Consequently, more individuals seeking rentals mean that fewer rentals will be available from which to choose. And less available rentals with more potential renters create competition for desirable housing. This type of competition must eventually drive up the prices for rental units which will result in a market favoring landlords.
Owning a home has historically been wise financially and making this purchase in the current buyer’s market continues to offer homeowners an opportunity to build equity. There is no way to predict when you will be able to get the best deal on a home but buying now when prices have decreased considerably allows you to build financial security instead of making increased rental payments to your landlord.
Tasha specializes in Dallas apartments for rent focusing on Downtown Dallas Apartments.
Update: This post is, of course, not relevant in today’s low inventory Los Angeles sellers’ market. (August 12, 2016).
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