Do you wonder where today’s economy is taking us? If you do, then your concerns are share by millions across the country. One such concern is the present state of the housing market.
Today’s house prices are a real indication of where we are headed. When the housing market is then the economy is doing well and the population is optimistic, unfortunately when the market is down pessimisn is the order of the day. This is because for some people, most of their livelihood depends on the equity in their home; this applies especially to the elderly and retirees that have a fixed income. They may be thinking about moving to a retirement facility and of course they need as much money as possible to live and the value of their homes represents a large percentage of that fund.
The housing market also has a great impact on the 30-40 year olds. They are trying to make some progression in life and in the workplace and for whatever reasons sometimes this may require a move to a different city, country or town. This involves buying and selling houses. Of course you want as much equity as possible in your home in order to settle into a new place, buy new furniture etc. If you can’t get a decent price on your house, then you may have to put off your promotion as the cost of relocation might be too high.
Now if you are a first time home buyer, you are in a really good situation when the house prices are down as they are right now. You can probably get a great deal on your first home.