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December
16
16
Is Now A Good Time to Buy?
You think you are ready, rates on fixed-rate loans are still appealing, and experts say it's still cheaper to buy than rent. But is now the right time?
The answer is this: if you're looking for that first house or if you've thought of moving up, now is as good a time as any to get into the marketplace, and perhaps a better time than seen in recent years.
But how can this be? Let's look at 5 key issues.
1. Interest Rates are still down. The average rate for a 30-year fixed rate loan is 4.43 percent at the time of publication. While this is a 1.15 percent increase from the historic low of 3.35 percent at the end of 2012, it's still an attractive rate for prospective home buyers.
2. It's still cheaper to buy than rent. According to a 2012 Trulia Trends study, buying a home is 44 percent cheaper than renting in the 100 largest metro areas in the United States. While this data was calculated based on last year's lower mortgage rates, there is still a significant price difference in total monthly costs with today's rates.
3. Home prices are relatively low. Housing price trends vary significantly by location and even by neighborhood, but the average housing price trends across the country look promising for prospective home buyers.
4. It may be easier to get a mortgage. Credit unions and banks may be making it easier for some prospective buyers to qualify for a mortgage. Less stringent requirements and qualifying criteria may help some people finally get that home loan. If you have good credit and some savings available for a down payment, you might just be able to get a loan for your dream home this year.
5. Invest in your future. Buying a home gives you a chance to start building equity, and you are investing in your future. Even if you end up selling your home in five or 10 years, you could profit from the sale and invest that money elsewhere. If you've been dealing with rising rent or the hassles of costly moves for the past few years, settling in to a home can stabilize your housing expenses -– especially if you get a fixed-rate loan at a great rate. You won't have to worry about your monthly housing expenses changing significantly for a few years, and you will pay for something that has more value than a rental property. Consider the benefits of making this type of contribution to your future month after month.
Dickerson & Nieman Realtors
6277 E. Riverside Blvd
Rockford, IL 61114
Phone: 815-227-5900
Email: Send Email
Rockford area Real Estate Company
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