How do you know when to buy a house or hold off? Interest rates are falling but foreclosures are up.
Here are 5 reasons to buy right now.
1.The prices in the area you want to buy are stable.
2.You plan on living there more than 5 years.
3.If your rent would be the comprable to your mortgage payment.
4.You've found the right house for you.
5.If you already have equity and are moving to a place where homes are cheaper.
Here are 5 reasons to hold off buying right now.
1.You've lived in your house less than 2 years
2. Your job is uncertain.
3. You don't plan to stay in your next house at least 5 years.
4. You don't have good credit or a decent down payment.
5.You have an existing home to sell in a neighborhood where prices are dropping precipitously or where the number of foreclosures is spiking.