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Don’t Miss This “I Wish I Had” Moment

When I was a kid every once and a while I would hear a grown up say “I wish I had….” It might have been buy that Microsoft stock when my friend told me about it or that piece of land that looked like a dump and was dirt cheap but now has a booming shopping center on it.

Now that I’m an adult I’ve even had a few “I wish I had” thoughts.

Today in America we are living in one of those “I wish I had” moments when it comes to real estate. Over the last few years, real estate markets all over the US have had a tough time. The slow economy has caused millions of homes to be foreclosed upon and property values have suffered nationwide.

While this is obviously not a good thing, it has created a golden opportunity or an “I wish I had” moment.

Everybody likes a good deal. Everyone likes to buy things when they are on sale.

In the US today homes are on sale!

According to data from the United States Census Bureau, the average home’s sales price fell from $329,400 in August of 2007 to $242,300 in October of 2011. This is a decline of over 26% in just 50 months.

When was the last time you that you thought 26% off of anything wasn’t a good deal? But it gets even better!

According to Freddie Mac the average mortgage interest rate on 30 year fixed rate loan fell to the lowest level it has been since they began tracking it in 1971. This means not only are you getting a house that is on sale, you are borrowing the money to buy that house as cheap as it has ever been available.

This is an opportunity that won’t last much longer as home values are starting to recover. According to the National Association of Realtors home sales continue to improve.

The real estate market has hit the bottom and is heading back up.

If you do not currently own your own home or been thinking about upgrading your current one now is the time to do it.

If you don’t you may look back ten years from now and say “I wish I had…”

Brad Hacker is a Certified Mortgage Planner for Benchmark Mortgage in Lexington KY. His primary focus is helping people achieve the dream of homeownership and assisting them on the road to financial freedom. Brad specializes in helping his Lexington mortgage clients integrate their home into their long and short term financial goals. 

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