Tuesday August 13, 2013
Deciding to purchase a new home is a big decision that takes time and research – but waiting too long could actually do more harm than good. According to a recent article on Yahoo Homes, home prices are expected to increase nationwide within the next year – adding thousands to the cost of your new home.
But, it doesn’t stop with increasing prices – there are other factors that make now the best time to buy:
Reason to Buy Now #1: Low for-sale inventory means homes will become more expensive
It’s the simple principle of supply and demand, and it will only get more severe.
Reason to Buy Now #2: The Fed plans to taper off bond-buying program in October
According to the MBA Mortgage Finance Forecast, interest rates on 30-year fixed-rate mortgages are projected to jump half a percentage point in early 2015 from the year before.
On a 30-year conventional mortgage of $300,000, an increase from 4.4 to 4.9 percent means paying an extra $90 each month or more than $30,000 in interest over the life of the loan. So that half point difference can translate into a hefty chunk of cash for any home buyer.
Reason to Buy Now #3: The current economy’s flat wages threaten to make homes less affordable
Save a few high-growth industries, flat wages have been the rule, not the exception. If home prices continue to increase, housing could in theory become less affordable if your take-home pay doesn’t keep up with its growth.
Reason to Buy Now #4: Beat other home buyers to the punch before competition heats up
Why now? Because the housing market is about to get even more competitive.
Ready to make the move? We have homes ready for you now – check out ourhomes across Central PA that are ready for you to call home today.
Call 800.325.3030 to schedule your tour.