Provided By Realty Times
Are you gearing up to buy a home? Now is a great time to make a move in the real estate market. Interest rates are at historic lows. Compare today's 30-year fixed-rate average of between 3 and 4 percent to the 13 to 18 percent rates of the 1980's and you'll see why everyone is buzzing about the great deals to be had!
Additionally, homes are now at their most affordable on record. This is because home values have dropped across much of the nation. There is also a huge supply of distressed properties on the market which sell for steep discounts.
With all these great deals it's easy to get carried away, but the lesson learned by millions of foreclosed homeowners is to buy within your means. Just because you're approved for X amount doesn't mean you should spend that much.
So, how much home can you really afford? Consider the following.