Buying a home is always a big decision, and it’s good to be cautious of anyone yelling “Buy Now!” at you, but buying at the right time can save you a ton of money in the long run. With that in mind, there are several reasons why right now is a great time to buy a house.
Interest rates are still low.
Maybe not for much longer, though. Fixed rate mortgage interest rates are just over 4%, according to Freddie Mac, but many believe they will reach 5% by next year. That kind of increase would cost you almost $1500 a year.
Buying is better than renting.
On a fixed rate mortgage, you know what your payment will be every month. Rent constantly changes and has been steadily going up in many areas.
There are more choices right now.
Inventory on home markets is up, giving buyers more choices on existing homes. More choices means you are more likely to find exactly what you are looking for.
Prices are going up.
The cost of buying a home has been steadily rising, though they are still low compared to peak prices of 2006. Waiting another year to buy will only cost you more money.
Fore more information like this, visit realtor.com.