CNN Money Calls Purchasing Real Estate in 2010 a “No-brainer”

As we are on a roller coaster on a downhill slope toward the end of the tax credit, we are weighing the question of why buy in 2010.  NAEBA, the National Association of Exclusive Buyers Agents, is a network of trusted agents who represent only buyers’ best interests and we will help you examine the top 5 benefits of buying now. 1. No one has a crystal ball into the 2010 market, but once the tax credits end, mortgage rates are anticipated to skyrocket. For this reason, the longer you wait to purchase, the more expensive your new home could be. 2. Based on this potential hike in mortgage rates, the number of savvy consumers purchasing now is increasing which means you can sell your current home faster than you would be able to when the more expensive mortgages causes the market to slow. 3. It is a buyer’s market due to the influx of homes on the market because of the increase in foreclosures. According to US News, this gap between the buyers’ and sellers’ markets is expected to narrow later in 2010. 4. It may become harder to secure a loan. Mortgage delinquencies are up, which will likely result in the FHA tightening their belts on lending standards. Changes may include, “raising up-front cash requirements, boosting minimum credit scores, and perhaps charging more for insurance premiums” said US News. 5. Homebuilders are in the same financial crunch as the rest of us. If you are purchasing a new home, consider builders are narrowing their margins in order to stay afloat. These tips are not a cure-all for the current economic climate. You must factor in the home values in your specific market as well as your individual circumstances. Find a NAEBA agent near you at www.naeba.org/find-an-agent.asp to find the best home-buying strategy for you.