During tough economic times, prospective home buyers tend to shy away from taking the plunge of home ownership. However, most realtors will be quick to agree that a slumping economy makes for the perfect time to purchase a home.
ERA Carroll Realty Associate Broker and Owner, Jane Clark, says that interest rates aren't going to get any lower for those looking to own a home.
While it's tough to get an exact number, because statistics fluctuate across the country, it's safe to say that the price of real estate has dropped significantly over the past four to five years.
And while there have been national reports linking the economy with more people looking to rent than to buy, Clark points out that hasn't necessarily been the case locally.
Clark said that if people don't intend to stay longer than five years, they are better off renting due to the closing costs and sales fees that are incurred when purchasing a home.