The first reason you should buy a home now is that interest rates are extremely competitive. While they aren’t at the near-historic lows homeowners enjoyed in the past, they’re still hovering in the high 4%’s for 30-year fixed mortgages.
2. Competition is getting fierce! Another reason now is a good time to purchase a home is that housing markets are growing more competitive every day. Now that much of the country has recovered from the recession, more and more people are in the position to purchase real estate. And the more people there is in the market, the more competition there is for homes
3. Homes are getting more expensive by the day… Experts predict home prices will have jumped an additional 3.5% in 2018, over 2017! Combine the rising interest rates with the rising home prices and you’ve got a recipe for paying a lot more for a home a year from now than you would pay today.
4. There are fewer homes to choose from. One of the factors in rising home costs is low inventory. When there are too many people who want to buy homes and not enough homes for them to buy, it drives up prices and competition in the market.
We have a huge problem with low inventory now, but unfortunately, that problem doesn’t have a simple solution. As interest rates rise, people are less likely to put their homes on the market in an effort to preserve the lower interest rates on their mortgages.
If you or someone you know are thinking of buying a home in the near future, please call me as I would be happy to give sound advice as well as create a Real Estate plan!
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