It's tough buying a home anywhere right now, due to low inventory and increasing prices, but if you are toying with the idea of buying, or are anticipating changes forcing you to move, you may want to do so sooner rather than later.
Here are 3 reasons why you should buy a home before the end of 2017:
- Interest rates are rising, and all signs are pointing to this trend continuing. Right now, the interest rate is just above 4%, and could easily climb to 6% by 2020. This may not seem like much, but each increase of 1% could potentially add about $100 to your monthly mortgage payment.
- Inventory is shrinking, and experts predict this will continue. Every day you wait to start looking for a new home, you face more competition for fewer homes.
- Home prices are still rising, increasing 5% from 2015 to 2016, and experts are predicting another 2-3% jump in 2017. While this may be great for sellers, this is not ideal for buyers.
The good news is that if you start your home search now, you just might find a home that is right for you, before the door on 2017 closes.
Are you thinking of buying a home soon? Now is the time! Contact us now to get started.