Now more than ever may be a better time to buy instead of rent. According to the online real estate company Trulia, buying a home is more affordable than renting in 98 of the top 100 housing markets.
Home prices are falling, and mortgage interest rates are at all-times lows. Also, rent is on the rise.
The best buyer’s markets, according to Trulia, are Detroit, Oklahoma City, Dayton, Ohia, Warren, Michigan, and Toledo, Ohio.
Of course, it’s not as easy to get a home today as it was a few years ago, which causes many to not be in a position to buy right now. However, if you are in a position to buy a home, now may be a better time than ever.
Ken H. Johnson, a professor of real estate at Florida International believes home prices across the U.S. have bottomed. He said, “Markets should slowly start to recover. Housing will return to its traditional role of a safety investment.”
If you are looking to purchase a home, contact us to discuss your mortgage loan options today.