By Melissa Nykorchuk
The economy is improving, and this means home buyers are in a better position to purchase a new home this year. Whether you are a first time home buyer, or you are looking for an upgrade, this is a good year to buy a home. With mortgage rates still hovering at 5% or lower, you can get a lot for your money when it comes to the real estate market.
The Supply is Starting to Grow
The supply of quality homes available for sale has been low in recent years, but this isn’t expected to continue. Demand is high for homes, and this means many people get into a bidding war when they find a home they love. This year, supply should become more even with demand, driving home prices a bit lower. This is an excellent opportunity for those looking for a larger home. For sellers, this just means buyers aren’t going to be fighting over your home. While you will still get a decent price, the sales price won’t favor buyers or sellers.
Mortgage Rates are Still Amazing
Mortgage rates at 5% were unheard of ten years ago. For buyers with a decent credit rating, this makes it possible to purchase a more expensive home than before. Whether you decide to spend less than your budget in order to save some money every month, or you opt for a larger house to fit your growing family, buying a house at 5% interest is a wise investment. Rents are only going to continue to rise, making home ownership even more attractive.
Invest in Your Future
Even if retirement is many years away, it’s never to early to start thinking about how you are going to survive financially during retirement. A home is an investment, and one you can draw upon even while still living in it. With options such as reverse mortgages, you can take the cash value out of your home without worrying about mortgage payments. A home gives you future financial security and allows you to live more comfortably in your later years.
If you are thinking about buying a home, now is the time. Mortgage rates can’t stay low forever, and rents will only rise. When you have decent credit and you know where you want to live, contact a Realtor to begin talking about properties for sale. You can find a home that you will love and won’t have to pay rent any longer.