If you can afford it, of course.
Home prices today in your area are likely the cheapest they have been in years. Mortgage rates, too, are hovering around all-time lows. Meanwhile, the cost to rent is around the same it has been and will likely grow year-after- year.
In fact, since 1986 its never been this cheap to own a house as compared to the cost of renting.
Mark Zandi with Moodys Analytics explains the long-term benefits of owning rather than renting:
Several buyers are still waiting for the market to hit bottom. Those folks might miss the boat entirely especially if they are in financial positions and personal situations to invest in a home right now.
The fact that not more people are jumping in has many housing experts puzzled, thinking that a monumental shift in buyer behavior is underway. One theory is that younger professionals are opting to spend their money renting condominiums and apartments in expensive cities where homes are virtually obsolete until their futures are more certain.
Whatever the case may be, the fact of the matter is that there are incredible real estate deals available throughout the nation. And most of them can be found on Foreclosure.com right here.
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