Many Americans today are asking themselves the big question: Should I buy a house today or should I wait a few months or possibly even wait a year?
The struggling question continues to be asked by many who currently lease or are saving money by living with family and friends.
Before deciding to wait to buy a house- Consider these facts:
If you buy now you start building equity immediately. As soon as you sign on that dotted line the value of your home will go none other than up. This will always be the case; it doesn't matter how the economy decides or shall I say is enticed to sway. The value of your home will always continue to increase.
One of the other key points is that if home-buyers decide to sign on a house today they will be avoiding higher rates which are inevitably coming.
History has shown us that regardless of home prices dropping, the mortgage rates will continue to rise. Consider the all-time high mortgage rates of the 1980s where the highest and almost blinding interest topped over a whopping 19 percent. You read that correctly 19 percent!! It continued to climb to 20 percent!! What lead to this? The answer= inflation.
Most of us were either children or weren't even born yet so a memory of these incredible numbers does not even exist. These numbers seem like a lie to us. We'd have to go ask our parents and grandparents who would definitely confirm these high numbers were a daily reality back then. But still, it was such a long long time ago. Right? A time when Carter and Reagan were in office, there was the hostage crisis going on in Iran, Americans back home wrapped trees with a yellow ribbons and sat in enormously long gas station lines since there was a very huge gas shortage due to the Iranian revolution. Nevertheless, my friends like the saying goes never say never because it can definitely happen again.
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