Businesswire reports that real estate and investment experts urge prospective homebuyers to purchase a home now as part of a long-term savings and investment solution. In recent reports, the national home affordability index is at its highest levels since 1971. Prices have fallen so far that buying a home appears to be a bargain, based on a New York Times analysis of prices and rents in 54 metropolitan areas. Economists at the National Association of Realtors are expecting rent cost to increase 3 to 5 percent in two years; a good case for current renters that are staying put in an area for more than five years to purchase a home. Renting and homeownership data support traditional benefits of buying homes, including pride of ownership. “There is no better time to buy a home with mortgage rates at an all-time low and home affordability rates at an all-time high,” said Tim Burford, CEO/Managing Partner at First Option Mortgage.
