Whats NEW in Mortgages Today

With the end of school now upon us, many families that have held off purchasing are now heavily in the market looking to move while the timing is good.  Many families are taking advantage of the historically low interest rates and very low home prices.  There has never been a time when a homeowner could purchase a home for less than the one the are moving out of....and it turns out to be a bigger home for less money in most cases.

Renters have the opportunity of a lifetime in todays market.  I can remember 15 years ago when I lived in a 2 bedroom loft apartment in Grand Rapids.  I paid $775 a month and it was almost 900 sq. ft.  Today, $775 would get you a home that is all yours and at least 50% bigger.  The staggering point is that it is 15 YEARS LATER!!  Real estate generally moves up in value and is one of the smartest investments you could ever make.....NOW is the time to capitalize on the real estate market.

Buying a home now is exactly like buying Microsoft stock for pennies on the dollar.  The investment can't go wrong.  The market could go lower, but it seems that the market will flatten and then rise at this point.  The value is definitely there in any area you are searching in to make it worth your time to begin a serious search.  Paying rent and getting nothing for it seems pointless....insanely pointless right now.  Why would anyone rent when the home prices and interest rates are better than ever.  Owning a home provides a solid investment in this market and the money you shell out each month for the mortgage payment actually goes TOWARDS your future....rent goes towards someone else's future.

The sermon that you will hear preached here and everywhere else these days is simple.....BUY a HOUSE!!!  If you rent and you could be approved for a mortgage, then I would love to know the logic on that one.  Seriously, I am starting a book of reasons people have to NOT buy a house when they can afford it AND the market is perfect for them to do so!  Ok, maybe I am not going to write a book, but someone should if people aren't jumping through hoops of fire to purchase a home for themselves and their family.

I have parents that recently retired and we have had many conversations about the cost of the homes they have purchased over the years.  The real estate market seems to be priced about 20 years ago.  Homes seniors purchased 20 years ago and skyrocketed in value ten years ago are now selling for prices from the late 80's and early 90's!!!  None of the people in the age range of my parents...senior citizens (sorry mom and dad), can remember it being this perfect to buy....ever.

So get on the move and get yourself educated on the real estate market if you aren't already, get pre-approved so you can shop with confidence, and get busy searching for that perfect home.  Many people are doing that everything right now, will you be one of them or will you look back later on and kick yourself for sitting back and watching it all happen.....don't be THAT person.

Enjoy your weekend and hopefully you will be calling myself or another qualified professional soon so you can get started on the best decision you have ever made in your future.