Some pretty significant changes have happened in our market recently, and there are three reasons why now is a great time to buy.
First, with how low inventory is, you may be surprised at how much equity is in your current home that you can tap into. One thing our team works really hard at is coaching our clients on how to maximize the value of their home to get as much equity out of it as possible. We’re finding that sellers are pleasantly surprised with the numbers that we’re coming up with which give them incredible buying power.
Second, banks are coming out with some amazing financing options which offer low down payment amounts and great incentives. These options make the buying process so much easier than what we saw two or three years ago when the lending environment was more restrictive. We’re seeing a lot of people take their home equity and use these low down payment options to pay off debt, relieve their monthly cash flow, and improve their overall financial situation.
Third, mortgage interest rates are on the rise and are predicted to keep rising until the end of the year. Since January 2018, interest rates have risen about 0.75%, and that kind of jump has a big effect on buying power. However, rates are still historically low. Conventional wisdom states that by the end of 2018, we’ll be looking at about a 5% rate for a 30-year fixed mortgage. Buy now while you can still get a great payment at a historic low rate.
As always, if you have any further questions about our market or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d love to help you.