Categorized | Residential

Now is The Time to Buy a Real Estate Property

Now is The Time to Buy a Real Estate Property
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Though the real estate industry is yet to recover from the effects of the recent global economic crisis, economic analysts say the time to buy a real estate property is now. They say that, the current interest rates on housing loans are the lowest ever recorded in over a decade. They also predict prices may be going up soon.

In spite of general high interest rates, rates for mortgages and housing loans are kept at a low level. This is a measure to encourage more people to invest in real estate properties and in the long run get the market on its feet again. Interest rates for a 16 year mortgage range between 4.7 percent and 4 percent as against around 5.5 percent for the same period last year.

In addition to the low interest rates, prices of homes in general have reduced. This is because of the decrease in demand caused by the effects of the recent economic crisis. A lot of people lost their jobs, employers reduced wages and salaries and the general increase in prices of goods and services has reduced the purchasing power of people. Many people could hardly feed their families, let alone think of buying a home.

It is therefore advised that, people who need homes should try as much as they could to buy now. People who may also be interested in investing in the real estate industry could do so now as the prices are soon to go up and they could start getting benefits.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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