“It’s hard to argue against buying a house now, assuming you can get a loan,” writes John Waggoner, a columnist with USA Today. Sure, Waggoner says that getting a credit check for approval of a mortgage can be a “only slightly less intrusive than a CIA background check,” but for those who are able to qualify, a lot of analysts say that now can be a good time to purchase a home.

1. The price is right. The median single-family home price hit its lowest in more than a decade when it reached $154,600 in January, according to the National Association of REALTORS®. That was the lowest since October 2001. During the height of the housing market in July 2006, the median home price for a single-family home was $230,900.

2. It’s cheaper to buy than rent. In nearly every major metro market, it is cheaper to buy a home than rent. Rents have been on the rise the last few years and are predicted to continue to rise. Meanwhile, home affordability is at record highs, which means that buying a home is more within reach to the median income family.

3. Inventories of for-sale homes are shrinking. Ned Davis Research estimates that excess inventories of homes to be eliminated by the end of next year. “When excess supply dries up, people start building more new houses, which has the virtuous effect of reducing the unemployment rate and increasing the economy generally,” according to the USA Today article.

4. Mortgage rates are at record lows. Mortgage rates have hovered near record lows for weeks, which has helped pushing housing affordability higher. For example, the average 30-year fixed-rate mortgage, which is the most popular among home buyers, is 3.59 percent, according to Freddie Mac—just above its record low set on July 26 of 3.49 percent average. “It’s conceivable that at some point in the next 30 years, your interest rate would be less than the rate of inflation,” writes Waggoner for USA Today.

Source: “If You Can Pull it Off, a House is a Smart Investment,” USA Today (Aug. 9, 2012)

Bid This House - Home Buyer's Guide

How It Works...

1. Home Buyers view listings on BidThisHouse.com
2. Bid Your Offer Price
3. Bid Offer Terms
4. Get Financing Approved
5. Inspect Home
6. Own Your New Home

Home Buyers Tools

1. Search Homes Right Now: Use the search tool to browse the wide variety of single-family homes, duplexes and condominiums on the local real estate market.
2. Register for the Home Finder and let your dream home come to you. Members can also create saved searches, collect their favorites and sign up for instant email alerts when new homes that fit their criteria are listed on BidThisHouse.com.
3. First-Time Buyer? Read about some things you need to be aware of, if you're new to this process.

Make an offer without using a Buyer’s Agent. (Click Here to review Terms Of Service)

1. Submit your Bid for  any home listed on the site
2. Bid Financing Terms (Closing cost paid, Points, Etc)
3. Bid Inspection Terms
4. Bid Offer Closing Date
5. Full Addendums: Utilities, Optional Clauses, Etc
6. If the Seller accepts your offer, Provide proof of Loan Approval or get Pre-Approved for Free with one of our lending partners
7. Upon financing approval full contract will be drawn up to your specifications.
8. You and Seller sign the accepted offer. (Your Winning Bid)
9. You make a full inspection of the property and agree to any needed repairs or modifications.
10. Close on your New Home!

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