If you are one of those people who have been sitting on the sidelines waiting to purchase your first home, its time to move. What could a first time Maryland homebuyer be waiting for?
It is clear that we are experiencing some of the best interest rates that we have seen in many, many years. It is also true that there is an abundance of homes for sale with inventories at a 27 year high. There are also loan programs available that make purchasing your first home easier than ever. Real estate is a fantastic long term investment.
To put things in perspective, I often think of my parent’s purchase of their first home, a 100 acre farm in southern AA county. In 1954 they purchased the farm with a rather tired 18th century home on if for $12,000.00. Today, those 100 acres (if still in tack) would be worth somewhere around 1.7 million bucks. You do the math, the return is excellent. If you had invested that $12,000.00 in the stock market at a decent rate of return, you may have earned just about the same using this property and scenario. If you had done that, where would you have lived, with your friendly neighborhood stock broker? You would miss out on the joys of building equity while experiencing the pride of owning a piece of the American dream. Don’t you think that this kind of long term appreciation will continue? There are more and more people born every day. There is no rebirth of land mass in this county that I am aware of. So, get moving. Maybe your parents and possibly your negative friends have said, wait to buy. Wait for what? Do you think prices are going to decline for the next 5 years? You are wrong! Do yourself a huge favor and buy a house.
The first step is to find out what you can afford and what that translates into a monthly INVESTMENT. Yes, interest and your house payment is an investment in your future, plain and simple. I suggest you contact a bank or a direct lending mortgage company that you and most people you know have heard of. Names like SunTrust, Bank of America, Wachovia and your credit union if you have one are good starting places. It’s free and educational to meet with a lender to explore your options. Regardless of what you here there is plenty of mortgage money available. The FHA insured loan limits have just been increased, there are great first time buyer programs available. It’s possible to purchase your first home with very little out of pocket expenditure. Don’t be a cynic, the opportunities are endless with 3,861 homes for sale in AA county according to the Metropolitan Regional Information System (MRIS) our local multiple listing service, don’t your think you can find something appropriate?
Take a moment to review a Current Market Snapshot of your desired buying zip code.