According to a recent article in The Oklahoman, now is one of the best times in recent history for first time homebuyers to purchase a new home. According to Glen Reynolds, Manager of Mortgage Lending at Arvest Bank, the record low interest rates and historically low home values, plus a growing economy, make this one of the best times ever for purchasing your own home. “The affordability of homes is reaching close to historical highs.” says Reynolds.
Even though home prices are on the rise this spring, they still have not reached pre-housing crash highs so there is still good value in homes, especially for first time homebuyers. This gradual rise in home prices signals a good economy and you don’t want to wait until prices fully rebound before buying.