I was reading an article this morning by cnn money writer Les Christie, and it talked about now being the best time to buy a home in the past four years. For those of you who read my blog “2008, Last Chance for deals,” you know I feel the same way.
For years we saw double digit home equity increases in home values and so everyone kept buying. Now we’re suddenly seeing home prices stay stagnant, so everyone wants to sell or to keep on renting for awhile until prices stabilize. But that doesn’t follow market economics. Markets are one of our few chances to be contrarians. If everyone is doing something, you should probably do the opposite!
In this case, if you can afford to buy, now’s the time. Lending requirements have gotten stricter, so I would absolutely recommend talking with a lender first to find out what you qualify for, and more importantly, what you’re comfortable with.
The interest rates are low and the sellers are motivated. Check out the article. It names Louisiana as one of the top undervalued markets in 2008:
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