Is now a good time to buy a house?

© dougtone (Flickr) New York State Route 23A
© dougtone (Flickr)

Ever since the housing market crashed a couple of years ago, there have been a lot of families looking to sell their homes, and many families have also been looking to purchase new homes. Many families are waiting on the real estate market to begin to recover before they decide to sell their home, but the families who are looking to purchase a home are considering buying a home before the real estate market recovers, so they can catch a great deal.

Is now a good time to purchase a home? It is very hard to get a straight forward answer to that question, because if someone were to ask a real estate agent, they would tell you that it is definitely a good time to buy a home. The most important thing that a person should consider is their credit. After the housing bubble burst, many mortgage lenders have changed their criteria’s for being approved for a mortgage loan, and now less people are able to qualify for good mortgage rates.

Having a good credit score and being able to make a down payment is what many lenders are looking for, so if a person can meet those criteria’s then it may be a good time for them to buy a home. Since home prices have fallen drastically in many areas, the housing market is very appealing to many people. If a person can afford a home in their chosen area, and other home values in the area are stable, then it may be a good time to buy a home in that particular area. Whether a person feels as if it is a good time to buy a home or not, the most important thing to do is to speak with a licensed real estate professional, and conduct your own research.