By Peter Ekstrom

The main 9 reasons that will compel you to buy a home right now!

Everyone is preaching buy now when it comes to homes like a doomsday-sayer on a downtown corner street. Unlike Mayan calendar predictions though, there is a lot of sense in all of this buzz. It is going largely ignored however, understandably so given recent events. Lets delve into why you really need to consider buying a home now though, especially in the Queens area and Arverne by the Sea:

1. Low prices are the main reason of course. Yeah, yeah, you know prices are low. Its important to put it in perspective though. This bubble was more than a market correction, it was the ground dropping out and banks have to get rid of all of these homes. You really wont see prices this low ever again in your lifetime unless the housing market learned absolutely nothing and there are signs it did.

2. Interest rates are going to go back up very soon. This is especially true on more expensive homes, but for all homes it is just a matter of time before rates go up. Some areas have already seen them go up, and if you dont act soon you will be paying more money over a longer period of time.

3. Interest rates are lower than ever. It is not only that they are going to go up soon, they go up and down occasionally of course, thats naturally. The main point is, in the last 50 years they have not been this low.

4. ARMs are lower than ever. This type of loan should only be used if you are certain you will have the money to pay and are confident rates are not going to balloon beyond your means. That said, if this is your preference (or only option) this is the best time to buy.

5. Down payments are also the lowest theyve been in decades. It is one of the main reasons many have trouble buying, they just cant come up with the down payment. Worse, another higher interest loan is taken out to cover this portion. Either way the actual down payment, like every other aspect of buying a home today, is at record lows.

6. Right now it is really easy. Not as easy as when banks were giving away home loans like candy, but the qualifications for buying a home are only going to become more difficult.

7. Many lenders are offering no-fee mortgages. They are waiving fees and points like mortgage loan generation fees bringing down the total cost even further.

8. Builders need to sell and are offering great incentives. These come in all forms. Builders simply built too many houses thinking prices and demand for these homes would last forever, now they need to sell them and will go to great lengths to do so.

9. Home owners who are selling the home themselves are becoming desperate to get the asset off their hands, meaning they are often willing to sell at a steal.

About the Author:

Arverne by the Sea

is one of the premier communities in Queens with plenty of quality homes available at historic deals. Find out more at http://www.arvernebythesea.com/

Source:

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