Spring is in full force; the summer months are right around the corner. If you are debating moving up to your dream home, here are four great reasons to consider buying today instead of waiting.
1.) Buyer Demand is High & Inventory Is Low
Recent numbers show that buyer demand is at the highest peak experienced in years, and inventory for sale is at a 4.6 months supply, which is still markedly lower than the 6.0 months needed for a historically normal market.
The National Association of Realtors, Chief Economist, Lawrence Yun put it this way,"Demand in many markets is far exceeding supply, and properties in March sold at a faster rate than any month since last summer."
Listing your home today can greatly increase exposure to buyers who are out in force and ready to act.
2.) Prices Will Continue to Rise
The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects appreciation in home values over the next five years to be between 11.7% (most pessimistic) and 27.5% (most optimistic).
The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting for your current home’s value to increase before selling could price you out of your new home if you aren’t careful.
3.) Mortgage Interest Rates Are Still Near Record Lows
As wereportedlast week, interest rates have remained below 4% for some time now, and are substantially lower than the rate previous generations paid when getting a mortgage.
The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison projecting that rates will rise over the next 12 months.
An increase in rates will impact YOUR monthly mortgage payment. Even an increase of half a percentage point can put a dent in your family’s net worth. Whether you are moving up or buying your first home, your housing expense will be more a year from now if a mortgage is necessary to purchase your home.
4.) It’s Time to Move On with Your Life
The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise. But, what if they weren’t? Would you wait?
Look at the actual reason you are buying and decide whether it is worth waiting. Have you always wanted to live in a certain neighborhood? Would a climate change be just what the doctor ordered? Would you like to be closer to family?
If the right thing for you and your family is to move up to your dream home this year, buying sooner rather than later could lead to substantial savings.
Author:Robin Luigs-Wollan Phone: 561-706-3324 Dated: May 7th 2015 Views: 538 About Robin: ...
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Buying or selling a home is one of the largest financial decisions you will make in your lifetime, and the Ty Fraley Home Team is the best choice of professionals to help you with your needs. We have been involved in hundreds of real estate transactions helping buyers and sellers realize their goals. Whether you are a first time buyer or a seasoned veteran, we’re here to help make this easy for you. We pride ourselves in listening to your needs and working together to get you exactly the results you want. We work with professionalism and integrity. In fact Ty Fraley is a chairman of the Professional Standards and Ethics Committee in the Palm Beach County Board of Realtors. If you want to be treated honestly and respectfully, you’ve come to the right team. We have many years of experience with waterfront property, country club golf communities, luxury condominiums, and family oriented neighborhoods. These times can be a very stressful, and we pride ourselves in removing you from the chaos. Whether you are moving from around the world or around the corner, we help guide you through the entire process. We also have a tried and true network of help, from financial planners to trustworthy contractors. Because we understand and care about you, you will never be a number with us. You are dealing directly with the owner and broker of Southeast Realty. The thing we find amazing ourselves is that over 80% of our business comes from referrals of past clients and repeat business. Our clients are welcomed into our family where we frequently keep in touch and are always available to you for any future questions you may have. It would be our honor to work with you, and we look forward to a long lasting relationship.