Did you know that the national “Look on the Bright Side Day” is this Friday, December 21st? It may be cold and dreary outside, but there are plenty of reasons to look on the bright side. The economy is improving, the holiday season is well underway, and Christmas is right around the corner. It’s also a great time to think about applying for a home loan.

It’s no secret that the recent recession has had a devastating effect on real estate, which lost a third of its value, on average, but economic trends have started to suggest that prices could rise significantly over the next decade or more. Home prices are unbeatably cheap right now, but appear to be past a bottom. Eventually, economic recovery will increase prices on housing, as it did following the recessions of 1973-75 and 1981-82. Current mortgage rates have hit a new record low, with APR below 3.5%.

Still need convincing? Given the current prices and tax benefits right now, buying a home is cheaper than renting in almost every major U.S. housing market. In many areas, the demand for rentals has increased, and the supply has not kept up. With little new construction since the start of the recession, rental prices have continued to increase.

But look on the bright side! Instead of throwing money away each time you write a check for rent, put it into a mortgage. There couldn’t be a better time to talk to your mortgage lender about initiating the process for a home loan. This is one of the best buyer’s markets that the industry has ever seen – so get started today!

Email James Adair at james@pdxhomeloan.com or call Portland Home Loan at (503) 445-6033. You can also apply for a mortgage online by visiting www.pdxhomeloan.com.

If you haven’t already, check out our Mortgage Calculator to get a better idea of what your monthly payment might be.

Until then, happy holidays!