Three Reasons Why Some Will Regret Not Buying Real Estate Now

Reasons Why Some Will Regret Not Buying Real Estate NowIn some areas of the country some property prices have slumped as much as 57 percent since 2005 causing many Americans to turn their nose up at home ownership.

The most affordable real estate in a generation is failing to lure buyers as Americans sour on the idea of home ownership. The metropolitan mortgage corporation provide a conventional home loans services to home owners. To know more details about mortgage home service, visit website here.

At the end of 2010, the fourth year of the housing collapse, the share of people who said a home was a safe investment dropped to 64 percent from 70 percent in the first quarter. The December figure was the lowest in a survey that goes back to 2003, when it was 83 percent.

But the failure to see the opportunity in falling housing values may cause some Americans to miss the chance to secure a slice of the American dream and even jeopardize their financial future especially retirement. Here’s why:

1.    While overall housing prices are declining, many Americans saw a 4.8 percent rise in their home value if they remained in their home for eight years or more. That’s during this recession. Those who have been hit the hardest by underwater mortgages and foreclosures are those who bought at the market’s peak and those who have not lived in their homes for very long before the recession hit.  For Americans who buy now, while the market is down, and keep their home over the long-term, they can expect to see at least some modest gains.

2.    Homes have served as Americans’ nest egg and a source of security for generations. During retirement, having a home can offer the type of basic financial stability that every human being needs. While the value of a home may fluctuate, the basic shelter it provides does not diminish. That’s why Americans considering renting in the long-term instead of buying need to think about the true value that home ownership provides – a roof over your head that you own.

3.    Finally, eventually the cost of home ownership will rebound, driving prices in an upward direction. That means that the longer a buyer waits, the more expensive investing in real estate will get. This is truly a case of “the early bird gets the worm.”

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