America Do You Believe Buying A Home Now Is A Good Idea?

NAR (National Association Of Realtors) conducted a recent survey, and 8 out of 10 respondents believe buying a home is a good financial

decision. A few key results : Job insecurity and lack of jobs continue to be a primary obstsacle to home ownership and market recovery.

 

Respondents see the recession and job losses as the main reason for foreclosure problems.

Majority of Renters believe owning a home at some point in the future is either one of their highest priorties 39 percent

or a moderate priority 24 percent,  21 percent not a priority at all.

Most respondents are more concerned about drop in home values then about home costs being too high.

Costs still remains the significant barrier to many who would otherwise like to buy a home. MY QUESTION TO YOU IS WHY WAIT TO PURCHASE A HOME ?

What is not widely understood is the impact interest rates can have on real monthly costs of  homeownership.

Even a 10 percent drop in home prices is immediately nullified by a mere 1 percentage point increase in interest rates on a 30yr. mortgage.

Think about it .....falling home prices are a great opportunity for move up buyers. Even though your home sale price may be lower, the 

smaller loss at sale can be compensated by greater savings at purchase!

Buying a home in my opinion is still The American Dream !   Never stop dreaming, what is not understood is what creates uncertainty. Staten Island's "North Shore" is comprised of a diverse selections of homes. Locating a home that fits your lifestyle and budget should be the approach to reaching your American Dream!

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Have an extraordinary day !

 

Posted via email from Holly Wiesner Olivieri , The Staten Island Real Estate Resource