The old saying “Buy Low, Sell High” sure sounds like obvious advice.  But haven’t you heard Wall Street commentators talk about how hard it is to “time” the market?  The same is true for buying a home.  By the time you know when the market was at a “bottom”, it isn’t any more.   All of the signs indicate that once this market hits bottom, everyone is going to jump in, so that the bidding by buyers will make the prices go up rapidly.   And mortgage loan rates fluctuate, sometimes rapidly.  So how can a first time homebuyer tell when to buy real estate?  

 

There are two fundamental considerations, for all buyers:

-         Can you afford the home now?

-         Will you stay in it long enough to justify the initial costs?

 

First time homebuyers have two huge advantages right now:

-         You don’t have to sell another home first!

-          You can get up to $8,000 from the government!  Not a loan, but free money!

 

So, if you can buy now, should you?

-         Larger than usual inventory of homes for sale means more to choose between

-         Low interest rates mean you can get more home for the same money

-         A Buyers Market means you have more clout than in a Sellers Market

 

That adds up to making this an unusually good time to buy a home anywhere from Cary to Wake Forest or any other part of the Triangle in North Carolina.

 

For a more detailed disuccion on this topic, please go to http://solonglandlord.com/steps-for-first-time-home-buyers-to-take/should-first-time-homebuyers-buy-now.