Is now the time to purchase a home? Buying a home is a big decision in every situation, no matter the time or the area. The key thing to remember is that buying a home now is a personal decision, one you have to make based on whether your individual circumstances are in the right place right now, including your budget and financials. Yet, when you look at the mortgage industry as a whole, you may notice some instances in which there are big reasons to make now the time you buy a home.
#1: Interest Rates Are Low
Compared to just a few years ago, interest rates are low right now. When buying a home, this is one of those factors you simply do not want to pass up on. Lower interest rates mean you'll pay less to buy a home, even by thousands of dollars.
#2: Home Availability Is Good
The market is open for business. There are plenty of homes available in most areas. A good home inventory is important because it means home values can remain stable for home buyers. It also means you have plenty to choose from. If you are looking at factors that are important to home buyers, a plentiful home inventory is important.
#3: Home Values May Rise
It is important to note that the experts believe that home values have stopped falling and are beginning to work on improving. That may mean that you can purchase a home now at a rate that is considerably less than what you would pay for that loan in just a few months or years. You want to see your home's value increase.
#4: Loans Are Available
Also important to note is that home loans are available. Though many home lenders slowed their lending practices for a long time, this has improved. Lenders are lending.
#5: The Housing Market Is Growing
In many areas of the country, it is clear that home values are improving, people are buying, and that the overall consensus is that the housing market is growing. That's important for anyone getting into the market right now.
Overall, buying a home now makes sense. If you are ready to make the move and have been waiting for the right circumstances, all of these factors are working to your benefit.
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