Thinking about buying a home but not sure if the time is right? Check out these 3 important reasons why you should buy a home now and not put it off until next year:
Buy a Home Now Reason #1 – Mortgage Rates are Still Low
Statistically speaking, mortgage rates are still historically low. For example, the average rate on a 30-year fixed mortgage 10 years ago was 6.34% APR, according to Freddie Mac. And with mortgage rates projected to rise throughout the remainder of this year and into next, why wait? Check out today’s mortgage rates to get a feel for the market.
Buy a Home Now Reason #2- Inventory is Shrinking
The housing market is on fire! Homes are being snatched up as the pent-up demand for quality housing continues to heat up – especially budget-friendly starter homes. Make sure to get pre-approved before starting your home search. There is no cost to get pre-approved and you’ll walk away with an official pre-approval letter to show the sellers how serious you are – giving you the advantage when negotiating.
Buy a Home Now Reason #3- Home Prices are on the Rise
As home values continue to rebound, the price of buying a home will rise. According to Illinois Realtors® home prices are forecasted to go up anywhere between two and over six percent this year. Make your move now before being priced out of the neighborhood you’ve been dreaming about.
Still not sure the time is right? Schedule a free Home Loan Consultation to talk about it more with one of our non-commissioned home loan experts who will meet with you, in person or over the phone. During your free consultation, they’ll help you find the right loan for your home loan needs and introduce you to free home buying tools and resources – no pressure, no obligation.
Do you have any tips for homebuyers? If so, please share below: