Based on current pricing of homes, mortgage rates and increasing rents, there may not be a better time in real estate history to purchase a home than right now. Here are five reasons buyers should consider purchasing today:
Inventory Of Homes Is Shrinking
With the number of homes on the market declining in many regions, finding a home may become more difficult going forward. There are many buyers surprised that there is no longer a large assortment of houses to choose from. The best homes in the best locations sell quickly. Don’t miss the opportunity to get that home!
Price Increases Are Starting
Prices were expected hit the bottom this winter. However, many pricing indices (examples: CoreLogic, FHFA, LPS, Case Shiller) are reporting that prices are already on the rise.
Rents Are Jumping
Rents historically increase by 3.2% annually. A study issued earlier this year projects increases of 4% for the next two years! Trulia recently reported that rents have actually shot up by 5.4% this year.
Interest Rates Are Projected to Increase
The Mortgage Bankers Association has projected that the 30-year mortgage interest rate will be 4.4% by the end of 2013. That is an increase of approximately one full point over current rates.
We would all agree that we want to buy at the lowest price possible and sell at the highest price. Housing can create family wealth as long as we follow this simple principle. Today, real estate is selling ‘low’. It’s time to buy.
Brian Webb is a proud Homes for Heroes affiliate for St. Croix Valley. He represents clients in Hudson, River Falls, Stillwater, Woodbury, Oakdale, Cottage Grove, and surrounding Twin Cities Areas! He assists with buying, selling, investing, and property management of your home! He offers free advice and consulting services, contact him at HudsonRiverFallsHomes.com