Are you considering buying a home within next few months? Or year? You may want to consider doing so now.
Current market trends are making for a very good time to buy a home.
Here are some reasons for you to consider buying a home right now:
Low Interest Rates. According to Freddie Mac, a 30-year-fixed-rate loan now averages 4.16%. Many economists believe rates will rise to 5% next year. And, as interest rates increase, so do your monthly payments.
Ample Inventory. Nationwide, inventory is at its highest level in over a year. As more houses enter the for sale market, prices stabilize. And locally, this means you have more choices; especially if you’re looking at buying an existing home.
Unemployment Rates Are Decreasing. After a haul of high unemployment rates, the US economy is finally adding jobs…which means the younger market of buyers, who may have been living with parents to save money until the job market and economy improves, may be able to leave the nest. This allows a group who has previously been denied the ability to buy a home to now look into that option.
Home Prices are Rising. The median price of an existing homes continues to show year-over-year price gains. Experts believe that trend will continue. You’ll want to capitalize on the home prices the market current reflects.
Rental Prices Are High. If you’re in between homes, currently renting while you search for your “forever home,” or simply renting out of necessity, you know that rent is extremely high. That said, the pure savings of locking in a low interest rate for a mortgage payment stabilizes your financial situation to avoid paying high rental rates each year.
If you’re considering buying a new home, contact me to discuss the reasons why now might be the right time for you to do so. I am an expert in this industry, and will sit down with you to discuss your specific situation and home buying options.