“It’s hard to argue against buying a house now, assuming you can get a loan,” writes John Waggoner, a columnist with USA Today. Sure, Waggoner says that getting a credit check for approval of a mortgage can be a “only slightly less intrusive than a CIA background check,” but for those who are able to qualify, a lot of analysts say that now can be a good time to purchase a home.
1. The price is right. The median single-family home price hit its lowest in more than a decade when it reached $154,600 in January, according to the National Association of REALTORS®. That was the lowest since October 2001. During the height of the housing market in July 2006, the median home price for a single-family home was $230,900.
Commentary from Bob Karp of Karp Properties LLC: It is a great time to buy a home if: 1) you can find a home that meets your needs, 2) you can qualify and 3) you are ready to act. In Sierra Vista and Hereford, Arizona the supply of homes in the lower price range is quickly dwindling to the point that homes priced under $200,000 are sometimes getting multiple offers. While prices have not yet begun to rise at a substantial rate, price increases may be around the corner.