MONEY SAVING REASONS TO BUY A HOME NOW
MONEY SAVING REASONS TO BUY A HOME NOW
When thinking of how to save money when it comes to buying a home the most obvious answer is price, buying at the right time of course is the preeminent answer, but it certainly is not the only one.
The present economy and the banking meltdown have brought and continue to bring housing prices to their knees all across the United States, and the world for that matter.
Although this has wreaked havoc on our economy for the most part, there is an upside, in that it is making home ownership affordable once again. It has engendered some of the most affordable conditions for home ownership as we have seen since the early 1980’s, both in terms of median home prices and interest rates.
Using Florida as a barometer, where less than 1/3 of the homes sold in south Florida i.e. Palm Beach County and the Treasure Coast were priced within the median range affordable to median range income families, whereas today more than half are attainable for median income families now, and the prices are still dropping as foreclosures continue to flood the markets.
With the savings in home prices, fantastically low interest rates, and the government stimulus $7500.00 tax break (that you don’t have to repay) all have made home buying a savings bonanza for those with good credit and a job.
Analysts are speculating that despite rising unemployment the economy will make a comeback as people are buying homes again, and they begin spending money to furnish them and spend even more on all the other extraneous expenses that come with home ownership.
Eventually that will turn into jobs for those out of work, which will in turn improve the economy, as one feeds the other in a trickle down effect, and before you know it our economy will be rebounding.
So, if you are one of those people fortunate enough to still have your job, have been watching your debt management carefully and saving your money the time couldn’t be better to save double and even triple digit figures on buying a home today, without putting yourself into a debt situation you can’t afford.
Beware though the savings out there may tempt you to go beyond your means because there are so many great buys, but just remember how we got to where we are today … by living beyond our means not practicing good debt management, not saving enough money for; emergencies, job loss, health problems, or a tanking economy!