Chris Gmyr

Many mortgage rates are still lower than they have been since the 1950s and national home prices are down by twenty percent and the government is offering many tax incentives for many home buyers. So, many people may think that this is the best time to buy a home, but some home buyers want to know if this is actually true. Here are some things to consider before buying a home. This way you can make the best decision possible when deciding whether or not to buy a home.

It may be a good time to buy a home if you have excellent or very good credit and you have the money to put down a decent down payment and if you plan to stay in the home for at least ten years. This is because there are buying tax incentives for first time home buyers and current homeowners.

According to recent reports eight percent of homeowners or about ten million homes are willing to sell their homes if their local market is doing well. There are currently 3.6 million existing homes and 236,000 new homes for sale all across America. However, some of these homes are wrapped up in foreclosure and other problems and many people may be waiting to buy a home because of unsteady income, employment concerns, and how their local housing markets may be doing.

Home buying may still be very positive, but it is important to only buy a home if you can truly afford it and will plan to live in the home for a long time. If you are just thinking of home as an investment, then it may be best to wait until the market is steadier due to unemployment rates and local market conditions. It is also important to pay close attention to current reports and how the market is doing before making any big decisions about buying a home.