Yes, interest rates for mortgages are still as low as they could possible get. Plus, although they are rising, home prices are still affordable. However, don’t let this lead you into believing that any home purchase is a good one. The buyers currently hold all the cards. However, never buy a property without having researched it. There are plenty of red flags out there telling you to move away from a purchase. Some of these are fixable, others tell you to look elsewhere. There are two factors in particular to be aware of.
Start by checking out the neighborhood. Does it look like everybody is leaving? Make sure that you speak to some of the residents and ask about what the community is like. Look at the land as well. If the land slopes downwards towards the property, there is a chance that the foundations have been or will be damaged by flowing rain water. Use your nose: bad smells in or out the property are a bad sign. Also look for bugs and insects. If there have been bugs or insects, people in the street are likely to know about it, so ask them.
The second important thing is to look into whether the home you are considering is going through foreclosure or is in short sale. Although it is true that these are the cheapest properties, they are also often in poor condition and in bad neighborhoods.
After all is said and done, only you can truly decide whether or not you want to purchase a home. However, make sure you exert due diligence at all times. Never purchase a property that you haven’t had professionally inspected. If some serious issues are identified, you can then decide whether this means the property is not for you, or whether you want to try and have the current owner reduce the selling price. However, you do have to make sure that you don’t purchase a true money pit.