Real Estate Market Update: Should You Buy Now?
More and more real estate experts believe that a turnaround in the housing market is imminent. If you’ve been holding off on a real estate purchase, now may be a good time to go ahead and take the plunge!
Home prices remain low in most US markets, but prices have stabilized and are no longer falling. Low prices combined with historically low mortgage rates and a nice-size tax credit (extended to April 30) may make this a good time to finally make your move and enter the real estate market.
Of course, in some areas home prices may continue to fall, while in others they may stagnate for years before starting to go up again, which means that investing in real estate could still be risky at this point.
In addition, rushing into a real estate deal just to take advantage of the tax credit doesn’t really make sense given the complexity of most real estate transactions.
We believe that right now, the biggest risk for those who are still waiting on the sidelines is a jump in mortgage rates after the Fed stops stop buying mortgage-backed securities. Of course, this is a risk only if home prices in your area won’t continue to fall.
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