The current market has gotten experienced real estate investors in a frenzy and they cannot get enough of it. However, many home buyers just aren’t quite sure if they are ready to make the jump. What’s hold them back and how can they get the push they need to make that leap and buy a home? The truth is that there are quite a few issues, and there are mainly 6 things keeping home buyers on the fence in 2015, such as
Concerns About The Title
Title concerns is one of the most common reasons why people are hesitant about buying a property. In the past, there has been stories on the news about title scams. This is something that people should be aware about, but they shouldn’t overlook all of the benefits of owning a home. In other words, people just need to be wise and keep their eyes open for potential scams. One of the best things to do is to order title searches as soon as possible, as it can increase the chances of potential problems being spotted much sooner rather than later. Also, potential home buyers should never purchase a property if the sellers don’t include the title insurance.
Access To Financing, As Well As Mortgages
Many people don’t even attempt to apply for investor mortgages or home loans, and part of the reason is because of how the media has made it look like it is very difficult, almost nearly impossible to get them. However, many people don’t realize that there are many options they can turn to when they want to buy a home. You have probably turned on the TV and saw 100 LTV loans being advertised at least once. We could even end up seeing 125 LTV loans coming back into the spotlight. The truth is that right now interest rates are quite low these days and many people won’t be able to take advantage of an opportunity like this again. Not only are their loans with low interest rates attached to them, but another option is to look into hard money lending, transaction funding or seller financing. The bottom line is that if you really want to buy a home, then you can get financed.
There are many qualified buyers often are held back and kept on the fence when it comes to buy a home because of the uncertainty of the real estate market, as well as property values. However, if a potential home buyer took a look at the data and understood what they were looking at, then they would be able to tell that for the foreseeable future, property in the US going upwards. Buying property now is still a good idea and you could end up reducing housing costs in the future.
Down payments is another thing that is keeping people from making the jump and buying a piece of property. However, there are no down payment loan programs, and many down payment assistance programs that allow you to get help when you need it. You want to take your time to find out what options you have and do research, as this will increase your chances of finding the right program that will allow you to buy a home without putting down a down payment or one that will provide you with some sort of assistance with a down payment.
Lack Of Inventory
Sometimes real estate investors want a lot of inventory to choose from, but there has been many new housing stock that has been brought to the market in 2015. There is even plenty of shadow inventory, but keep in mind that sometimes it isn’t advertise.
Affordable housing is one of the issues in America that keeps on growing, and renting is usually more expensive than buying a home, and it looks like the whole thing is going to continue to get worse. Sure, interest rates may be low and have remained low, but the truth is that home prices have been pushed up and this has made it tough for people to take the jump and purchase a property. If a person looks hard enough, then finding an affordable home to buy is easy to do. Some people know exactly where to look or where they want to move to, such as suburban areas or rural areas. Sure, buying a home now may seem like a scary thought now, but the truth is that renting is likely going to keep on getting more expensive and so will buying a home, which means that buying property now may be in your best interest.