Buying a home before the peak 2018 summer season could save you big.
3 Big Reasons You Should Buy a Home Now
If you jump into the home market now, you might feel like you’ve slid in just under the wire. Interest rates are rising, inventory is low, and home prices are increasing. Purchasing now is especially important if you anticipate a life change, such as new baby or job change. If you don’t get onboard the real estate train now, you might spend significantly more later in 2018.
Here are the top three reasons to pull the trigger now.
Interest rates. The average 30-year mortgages bottomed out at 3.55% last August and have been climbing slowly since. While today’s rates are still relatively low at just above 4%, they are predicted to rise to 6% over the next two years.
Inventory is shrinking. In 2016 there were 10% less homes for sale than the year before nationwide. Real estate experts predict that inventory will continue to shrink, meaning in most areas buyers have more homes to choose from today than they will next year or even next month.
Home prices are still rising. Home prices have steadily risen since the 2007 housing crash, and that trend is continuing. For how long is anyone’s guess.
During the winter, both buyers and sellers have less competition for homes. If you jump into the market now, you may have good choices and at a reasonable rate.