Timing really can be everything and that couldn’t be truer in this housing market where conditions are favorable but may not last for very long. Now is the right time to get back into the market and purchase a new home.
Here are 10 reasons you should jump on this opportunity and how you can benefit from this marketplace.
- Mortgage rates will rise- Though at historic lows, there are factors that play into current rates, such as support from the Federal Reserve and moderate economic growth. These may not hang around for long.
- Federal Reserve supports will end- Speaking of support; the question is open as to how long the fed will manage rates.
- Home prices are increasing- With Sellers markets forming in many areas around the country, homebuyers should act now before prices rise even more.
- FHA increasing costs- In order to boost the FHA reserve fund that was wiped out in the housing crash, lawmakers have increased mortgage insurance premiums.
- Home sales are increasing – In many markets home sales are on the rise. This is creating a higher demand for homes making it harder to find the perfect home.
- Rising Rents – With rents rising at around 3% growth each year, taking advantage of affordable homes right now can benefit you in the long run.
- Mortgage-Interest deduction – Certain lawmakers have proposed reducing the deduction or doing away with it all together, so take advantage now!
- Increased affordability- The National Housing Affordability Index time and time again show high increases in home prices. This means it may be better to buy now before home prices and mortgage rates rise.
- Delinquencies have begun to wane- The continued decline of mortgage delinquencies will help to firm home prices and increase the confidence of those looking to purchase.
- Desirability is back – As opposed to a few years ago people are less worried about a unsteady economy and more confident about getting back into the market place
It is important to choose a lender that you can rely on and trust. The majority of the loans I process are all for people who are making big life changes. That’s why I go the extra mile to guide you through every step of the mortgage process with outstanding customer service. Give me a call or Apply Online if you’d like to take advantage of the wonderful opportunity that the housing market has to offer today!
Effective as of 6.30.2014