Some buyers are hesitating to buy their first home now.

We have all seen the headlines, “HOUSING CRISIS…”, “MORTGAGE MELTDOWN…” . And you are worried about the real estate market, or about your ability to qualify for a loan with a good interest rate. Maybe you don’t want to make a move yet, because you’d like to wait until you think the market is going to hit bottom.

But did you know that RIGHT NOW is the best time to buy? Buying an owner-occupied house is based on the local market, and it’s based on YOUR family’s needs and capabilities.

The San Antonio real estate market remains strong, despite what is happening elsewhere. If you can afford the monthly mortgage payments, then seize this opportunity to provide your family with the security of owning their own home. In fact, right now IS the best time to buy your first home. Why?

1. Long-term appreciation. Although real estate values operate on a cyclical market (increasing, then decreasing, then increasing), over the long term, appreciation is over 7% in San Antonio. So if you’re buying a long-term family home that you plan to leave for your children, the short-term market fluctuation shouldn’t affect your plans.
2. High inventory level. Right now, there are over 11,000 homes for sale in San Antonio, according to the MLS. New homes offered by builders are coming with huge incentives. In this buyers’ market, you’re in the driver’s seat!
3. Sellers are more willing to negotiate. Quite simply: more houses for sale = more choices for buyers = more leverage to negotiate better price and terms! Of the 11,000 homes for sale in San Antonio, 1,000 of those have already been reduced in price.
4. Great quality loans available. Yes, despite some things you may hear, borrowers can find terrific mortgage loans. FHA loans are still available, and you can use down-payment assistance. And now they’re at all-time low, competitive interest rates.
5. Tax break! Don’t forget that you can receive a mortgage interest deduction on your annual tax filing. It can be substantial enough to offset any additional expense of owning (versus renting). So now there’s no excuse!

The main reason to buy a house is because you and your family would like to have a safe, secure, stable home. Another reason is that you can begin owning real estate with an owner-occupied investment, and later on you can buy a larger “move-up” house. So if your property appreciates, that is great, it’s “icing on the cake”, but not the main reason to buy your home.

Now it’s time to get out there and find your dream home.