Trulia regularly tracks the buy vs. rent equation and reports again that it’s cheaper to buy a home than to rent in metro Phoenix. See full story here: http://explore.trulia.com/datavis/rentvsbuy/Q2-2011/
Meanwhile, mortgage rates are in free-fall, according to an Inman.com interpretation of Freddie Mac’s rate survey…
Rates on fixed-rate mortgages declined for a seventh week in a row to new lows for the year ... Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.
It’s not the ideal time for everybody to buy a home, and mortgages are still a bit difficult to obtain. But it could be a great time for you to buy:
- Home prices just double-dipped according to Case-Shiller numbers (they're down over 50% from their Summer 2006 peak)
- Sellers are frequently willing to pay the buyer's closing costs,
- There's talk in Washington about increasing the minimum cash down payment of the FHA mortgage program from 3.5% to 5% sometime soon, so buying now could save you a couple thousand dollars over waiting
A few questions can help you decide if you should consider buying a home now, or not...
- Are you emotionally & financially ready to be a homeowner?
- Do you have stable employment?
- Do you plan to stay put in your home for 5 to 10 years into the future?
- Do you have a couple months’ worth of salary in savings?
- Have you planned your future budget to account for costs of home ownership like maintenance & property taxes?
- Do you consistently pay your bills on time or even early?
- Do you know what your credit score is? (studies show that people who know their score tend to have better credit ratings than people who don’t know their score)
- Have you talked with a lender to find out how much home you’ll qualify for? (In Arizona, buyers *must* submit a loan approval with a purchase offer)
If you answered yes to all or most of these questions, you’re probably a great candidate to buy a home. Contact your Realtor. Don’t have a Realtor yet? You’re in luck, we’re Realtors. Read what our clients say about us behind our backs, and then give us a shout by email, phone or even text or Facebook.
Ready to start browsing listings online? We provide you a direct link to the private, Realtors-and-appraisers-only Multiple Listing Service. That's the most up to the second, accurate information consumers can get their hands on. Use our map based home search, or use our Detailed home search to really dial in on your housing wants and needs.