RealtorMag ticks off four strong reasons for buying a home now, as John Waggoner writes in USA Today. The median single-family home price fell to $154,600 in January, the lowest price since Oct. 2001, a full third below the $230,900 number at the height of the housing market in July 2006. Secondly, in almost every metro market, because of the continuing rise in rents, it is now cheaper to buy than to rent. Thirdly, inventories of for-sale homes are beginning to shrink, which in the long term will lead to higher prices, making now the better time to buy. And finally, mortgage rates are at absolute record lows, making housing affordability more attractive. As MHProNews has learned the average 30-year fixed rate mortgage, the most popular among home buyers, is just above the lowest rate ever (3.49% recorded July 26) at 3.59%. As Waggoner points out, it is likely the rate of inflation will be above the current interest rate at some point in the future.
