Buying a House In 2014 May Be A Good Idea For Many

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LoanLove.com’s new article explains why buying a home next year could be a smart choice.

LoanLove.com is a website that offers home loan borrower advice, credit repair tips, information on interest rates, consumer’s guides, tax savings advice and tips for first time home buyers. As the Loan Love website, itself, states, “LoanLove.com is NOT another boring, stuffy, "fall asleep in your chair" site about loans. As a trusted destination for current news and expert loan advice, we empower homeowners with first-class knowledge, valuable resources, and connections to top-rated industry professionals. We hope you find our articles entertaining, informative, and highly valuable. Our mission is simple: to help you get a loan you LOVE!” A recent article posted on the website titled, “Buying A House In 2014 Is A Smart Move… (Here’s Why)” helps those who have been thinking of purchasing a new home understand the current and predicted market environment so that they can make the best decisions.

The article says, “When the mortgage industry began its major struggles in 2007-2008, there weren’t many people looking to buy homes. In fact, many people were having trouble hanging on to the homes they had. Foreclosures and other distressed sales rose, and many of those who were able to stay in their homes were seeing the value of their homes drop to the point where they owed more on their home than it was worth. These facts, combined with rising unemployment left many home owners stuck between a rock and a hard place. But things eventually began to turn around. The Making Home Affordable initiative was launched in 2009, and a series of interest rate drops over the next few years, started to making buying more plausible, especially for first time home buyers.”

The article goes on to explain that by 2011 the turn around had started to become quite noticeable. However, there were still many people who wanted to wait for the lowest possible mortgage interest rates they could get, because they needed to see the value of their existing homes get high enough to a point where they could profit, or at least break even on their earlier investments. Loan Love also says, “Despite the fact that interest rates are creeping, many are still finding themselves house hunting for many reasons, and that the home buying “sweet spot” has not quite passed. Buying a house in 2014 is still a good idea, and here’s some reasons why.”

The reasons listed in the article are that:

  •     Interest rates are still low
  •     In the long term, it’s still less expensive to buy than to rent
  •     Reduced competition for qualified mortgage borrowers
  •     More upcoming safeguards to protect borrowers

The last point the article brings up as a reason it might be a good idea to buy a home in 2014 is that there will likely be fewer foreclosures available. The article says, “With stiffer credit requirements for obtaining a mortgage in 2014, fewer homes will be available at low foreclosed or short sale prices as time goes by, and in future years homes will be almost exclusively at market value. Buying sooner rather than later may give you more options to snag a bargain home.”

For more information on the points listed above, please read the full article at LoanLove.com.

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Kevin Blue
Loan Love
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