Whether you are looking to move up to the home of your dreams or are a first-time buyer now is a great time to purchase a home. Here are three important reasons to buy today.
- Affordability: Price is not the only focus when talking about home affordability. Since home prices have appreciated throughout the past year, they assume homes are less affordable. However, there are three components that determine affordability: Mortgage Interest Rate, Price, Wages.
Interest rates have recently dropped dramatically making it more affordable than ever to get a mortgage loan. Prices are up, but so are wages. As a result, the National Association of Realtors’ (NAR) latest Affordability Index report revealed that homes are MORE affordable throughout the country today than they were a year ago. (Please contact us for a copy of that!)
- Mortgage Interest Rates: Currently, they are below 4%. Fannie Mae recently predicted the average rate for a 30-year fixed mortgage will continue falling in the second half of 2019. With mortgage rates remaining near historic lows, Fannie Mae and others have increased their forecasts for housing appreciation for the rest of the year. If home price gains are about to re-accelerate, buying now rather than later makes the best financial sense.
- Increase Family Wealth: Homeownership has always been recognized as a sensational way to build long-term family wealth. The longer you delay purchasing a home, the longer you are waiting to put the power of home equity to work for you. With affordability increasing, mortgage rates decreasing, and home values about to re-accelerate, it may be time to talk with your local real estate professional to determine if buying now makes sense for your family. Who you work with matters! Ranked Top 50 Teams of Coldwell Banker
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