This Spring is shaping up to be a perfect storm for buying a home. Rates are still low but starting to rise, home values are rising but not astronomically, and home inventory is rebounding to acceptable levels. It’s letting the housing market heat up quickly and pushing lots of people into the home buying market. Here’s why you should buy a home this spring: it’s the perfect opportunity and may not come around again.
Let’s look at the reasons.
Interest rates are starting to rise back up but are still near all-time lows. Homebuyers can still get rates in the 3’s, but they are starting to get less common. Getting locked in to your low rate today will let you get that low payment every month and save you money. The longer you wait, the higher your rate may be.
Your interest rate is the base indicator of your mortgage payment. You need to have it as low as possible to keep your payment as low as possible and keep that money in your pocket, so waiting the market out is not going to get you a great deal. Rates are as low as they will be for a while and it’s time to buy. Getting pre-approved today will lock in that rate.
Home values are rising, but they are not through the roof. Home purchasers are seeing prices rise, and every home is more valuable than it was last year. However, it’s still a great time to jump on board and buy a house. You can still get great deals, and with the low mortgage rates still available, you can set yourself up well.
Home values rising helps you as well. Once you buy, you are acquiring an asset that is rising in value quickly. You can see your investment pay dividends quickly, and many homeowners are building equity very quickly with their new homes. It’s a great time to own a home.
Home inventory is recovering. In 2008, there was a housing market crash where many people lost their homes to bankruptcy. We have climbed out of that hole, but home builders have been skittish to start building new homes, not wanting to be left holding the bag if the market tanks again. Well, homebuilder confidence is at a high point, where we are starting to get homes built quickly and homebuyers are able to purchase homes again. This is helping the tight market, but you still need to get pre-approved before you walk into an Open House, or you won’t get your home.
Call The Home Loan Expert Team in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515, Nashville at (615) 810-8555 or Birmingham, AL at (205)721-7656. You can always apply online at hero.loan for your VA Loan, and www.thehomeloanexpert.com for your other mortgage needs, and we’re also open on Saturdays and will come to you to help close your loan. We work hard to make it easy on you. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?