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A New House Essay

386 words - 2 pages

A New House and the Economy
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A New House and the Economy

The decision to purchase a new home is a significant one to say the least. With the current conditions of the economy the decision should be calculated down to the very last detail. The consequences of purchasing a new home will have a direct affect on the rest of your life, so the choice to purchase a new home should be one made with confidence and plenty of knowledge. You must take into account all the variables that will come into play such as the economy, the market, interest rates, housing ...view middle of the document...

This long term purchase will also be affected by the marginal costs and benefits of purchasing the home. The marginal costs would be the payment, the insurance, the maintenance and the interest rate. The marginal benefits would be that this purchase is an investment if the circumstances are right, the economy is healthy and your job is secure. The location in relation to schools, jobs, and other daily activities will also play a part in the decision and its benefits (Mankiw).

Currently the housing interest rates are low and the purchase prices have leveled out (Realtor). This has been in part due to the removal of tax deductions and lowering interest rates. This will boost the housing market and encourage buying. This action should have a direct role in the decision to purchase the home before the market starts to compose itself again and the housing prices and interest rates start to rise again. Making the decision to purchase a new home now would be a wise decision as well as a well placed investment.

References

Mankiw, N. G. (2007). Principles of economics (4th ed.). Mason, OH: South-Western Cengage Learning.

National Association of Realtors, Home Buyers and Sellers. Retrieved from http://www.realtor.org/home_buyers_and_sellers/ on May 12, 2011

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