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5
3 Reasons to Buy a House This Year
As 2017 draws to a close and we look ahead to a new year, it's a good time to think about your home buying plans. Whether you'd still like to squeeze your new home purchase in before the new year, or are planning to become a homeowner during 2018, there are plenty of good reasons to make the leap into homeownership sooner rather than later.
- Rates May Be Rising
Rates on 30-year mortgages were at 3.55% last August—an unthinkably low number back in the 1980s when mortgage rates shoot up to 18% and seemed to rise every day—but there's reason to believe that's about as low as they may get.
The Federal Reserve has finally decided to raise its key interest rate, which means that rates have been slowly but surely inching their way up to their current rate of just over 4%. Experts believe that the upward trend will continue, hitting 6% by 2019 or 2020. So if you're thinking about buying a home, it's worth noting that today's mortgage rates are probably as low as they're going to be for the foreseeable future. - Inventory Is Shrinking
Although new homes are still being built, and there will always be turnover on older homes, the overall inventory of homes on the market has been shrinking for the last two years, even as demand continues to rise. A survey in November 2016 found 1.8 million homes for sale, a drop of approximately 10% from the year before.
This trend seems to be continuing, which means that buyers have more homes to choose from now than they are likely to have at any time in the next few years, and the competition for these homes is only going to rise. And when demand increases, prices are sure to follow. - Winter Is a Great Time for Buyers
Though the real estate market may present some challenges to buyers in the years ahead, winter 2017-2018 remains a good time to buy. Part of the reason is that winter is not typically seen as the "peak" season for real estate, so while there may not be as many homes on the market as there are in spring and summer, buyers have a definite advantage.
People who put their homes up for sale in winter are usually highly motivated to sell, which puts buyers in a good negotiating position. There are also fewer people out looking for a home at this time of year, which means you will face less competition, and you are guaranteed to get the full attention of your real estate agent.
Are You Ready?
No matter what the calendar says, and regardless of market conditions, the best time to buy a home is when you're ready to do so. If your finances are in order, your credit looks good, you've outgrown your apartment, and you're ready to embrace the benefits (and responsibilities) of home ownership, we're here to help.
Think you're ready to become a homeowner? Contact Wright-Patt Realty today to learn more. We're committed to helping you find the right home, at the right time, at the right price.
