Cover of Buying a Home (Essential Finance)
The recession has caused many people to rethink their finances and to second guess their major purchases especially when it comes to buying a home. The housing market seems to be in a downward spiral and even those needing a home would rather sit tight than jump into the murkey waters of home ownership.
The #1 Reason to buy in a recession: Great deals on new or used homes. It is a buyers market. Right now it is not uncommon for homes to sit for months at a time with no hope of qualified buyers in sight. Home sellers want to see their houses purchased quickly and will largely make the necessary deals to make that happen. If you have the money to buy a home, this is a good time to do so.
The #1 Reason not to buy in a recession: If you plan to be in a home less than 5 years perhaps home ownership is not the right thing to do. The experts are unclear as to what the housing market will do, it is better to be safe, rather than to have a house that you cannot sell or must sell at a ridiculously low price.
The ins and outs of home ownership can be a little daunting in the light of a struggling economy but with knowledge (and a sizeable downpayment) a renter can experience the dream of becoming the proud owner of a new home.
