Is now the right time to buy a home in your town? Given the uncertainty of today’s economy, some may be skittish to put up several thousand dollars for a down payment on a new home or condo. However, some will assure you that the best time to buy is during a recession. In times like these, sellers are eager to release large items like cars, boats, and houses, and so negotiating rates for mortgages may be more flexible. Owning a home in a strong economy might have seemed like a dream, but right now it could become a reality.

Do you worry about job security when shopping for a new house? It is not uncommon to be concerned about whether or not you will be able to afford payments on a home or condo should your company downsize. If your family is multi-income, it could just be a matter of adjusting your budget – cutting costs on food and non-necessities – until you are able to bring more money in the home and leave a comfortable financial cushion in between payments. Taking on a real estate agent to assist you with the details is a good suggestion. Oftentimes Realtors work with banks to ensure home buyers know exactly what to expect when preparing to pay off the mortgage. If necessary, you can ask your agent what is involved in adjusting payments to suit your financial concerns.

Take the time to study the real estate in your area. In a buyer’s market, you may find many signs in a desirable neighborhood marked “Reduced”. It is possible to find a good deal on a home you may not otherwise see in a stronger economy. Buying a home, if you do not currently own one already, can also help you with your taxes in the coming year, and allow you to build equity. Should the economy rebound and strengthen, you will have property which will hopefully rise in value, allowing you the option to sell at a higher price so you can buy another home if you decide to do so.

Is it the right time to buy a home? While the future remains uncertain in any type of economic condition, home ownership does grant you some benefits. Study the real estate market and learn your options, then recruit the expertise of a Hampton Roads real estate agent to guide you toward buying your home.

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