The Time To Buy A Home Is Still Now

The Time To Buy A Home Is Still Now

If you are still planning to buy a home, don’t wait around! Several factors are in place that tilt home affordability in your favor, but they won't last.

  • Home Prices - The Real Estate market has already begun a steady improvement, so what is listed at $300k this year may be listed at $315k next year. Last year already showed a great increase over the past 6 years, and this year will likely help to boost home values even more. Granted, part of the increase can be attributed to the number of foreclosed and short sale homes dropping, but the fact remains that buyers are still willing to pay more than in previous years.

  • Mortgage Rates - Interest rates have stayed low, meaning you can afford more home, OR pay possibly hundreds of dollars less per month on the same home type than if you wait a year or more to buy (based on home value and interest rate increases). And at less than half the ‘normal’ interest rate, anything you buy will offer substantially lower monthly payments than you are likely to see again anytime soon. Even a 1% increase in mortgage rates can drop your purchasing power by 10.75%. For example, if you can afford a $600k home at 4.5% interest, you would only be able to afford a $535k home at 5.5% interest.* The low current interest rates help buyers AND sellers because you will be able to afford more home for your money and sellers will have more qualified buyers for their home.

With these factors in place, now is still a fantastic time to buy a home.  

*Buying power information and graph via http://themortgagereports.com/6354/mortgage-rates-purchasing-power


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Phone: 253-988-0180
Dated: April 30th 2014
Views: 3,033
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