The fear of buying has infected the real estate market according to this article from CNN Money. Despite the fact that home prices are low and interest rates are low, many buyers are afraid to commit to a purchase for fear that prices will go even lower and they will end up overpaying for a home. They hear the news reports constantly remind us of the loss in value of real estate over the past few years. If you fit into the above category and are waiting for a better deal, just remember that as the interest rates go higher (and they have started to move up sharply this week), the home you may seek to purchase will need to be at a lower price in order to assure that you qualify. The best way to deal with the fear of buying is to have the knowledge of the consequences of not moving forward. Housing may never be as affordable as it is today. Take a close look at the monthly payment you can afford and reconsider purchasing something now. Watch the mortgage rates closely and if they continue to rise think seriously about purchasing a reasonably priced home now. Waiting will likely result in you paying more monthly even if prices come down a little further.
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