It’s still a fantastic time to jump into the real estate market.
If you’ve been following real estate lately, you already know the story. Sellers have all the power right now due to low inventory and high demand, and buyers are having to pay much more on home purchases. If you’ve been thinking about buying a property, you might be wondering whether this spring is the right time to jump in. The short answer is “yes,” and there are two big reasons why:
1. Mortgage rates are still low. Interest rates hit all-time lows 16 times last year and fell below 3%. Though these numbers have risen slightly, they’re still near rock bottom. Low interest rates mean it’s less expensive to borrow money for a home loan. It provides a great opportunity for you to get qualified and be able to afford more.
2. Buying is more affordable than renting. For one thing, low interest rates translate into lower monthly payments. However, the big draw is that buying a home means you’re essentially investing in your future with each month’s bill. Rent goes into somebody else’s pocket, but the majority of your mortgage payment goes into building your equity and net worth.
If you’re thinking about buying a home in the near future, or if you have any questions about our real estate market, feel free to reach out to me. I’d be happy to fill you in on the important information you should know before you start your search. I look forward to helping you soon.