Ask any real estate agent and they might tell you that the proverbial “now” is always the right time to buy, probably because their income depends on it. But, there are hard facts to prove that now is a great time to buy a home. If you ever needed a reason to buy and really questioned if now is the time, here are five perfect reasons why:
It’s hard to imagine interest rates going much lower, wannabe buyers should certainly opt in right now and existing homeowners should consider refinancing because change is in store.
Mortgage rates are scheduled to rise at least 3 times in 2018, with many experts predicting the interest rate for a 30-year fixed mortgage to reach 5% by the end of 2018.
Homeowners with rates above 4 percent who will be in their home for five or more years should consider refinancing. Call us today. Shop it around. If you can, consider the 15-year loan over the 30-year loan.
Financing is readily available.
Banks are back in the game and ready to lend to well-qualified buyers.
Fuel costs are down.
You might wonder what fuel costs have to do with home ownership, but it’s all connected. Cheap energy costs mean many consumers can now afford higher mortgage payments. Lower electric bills and savings on gas mean more in the bank for that monthly payment.
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 are on the market, the more competition there is for homes.
Home prices are on the rise.
Homes are (literally) getting more expensive every day. In fact, as of June 2017, home prices have been rising every single month for well over 5 years.
Just in case you missed it if you combine the rising interest rates with the rising home prices you’ve got a recipe for paying a lot more for a home a year from now than you would pay today.
We don’t advise you rush into buying a home today, but if you are considering a home purchase, now might be the time to make your move.