Not only is buying a home a huge financial decision, but it’s also a lot of physical and emotional work. For starters, you have to think about transferring your things from one place to another and actually moving in; finding a new school for your children; befriending new neighbors; saying goodbye to old memories. However, it can also be an incredibly rewarding experience.
So as you go back and forth wondering whether or not you’re ready and if this is really the right time for you, here are a few things to keep in mind in regards to why right now is the perfect time to buy a new home.
Interest Rates Are Still Low – for now. According to Freddie Mac, the average 30-year-fixed-rate loan averages at about 4.16% right now. However, experts do predict that this will rise to 5% by next year. Higher interest rates = higher monthly payments.
More Selection – More houses are being put on the market now than ever in the past year, which is causing prices to even out. With these homes being listed at similar prices, home buyers are finding that they have more options within their budget.
Prices Will Only Continue to Rise – This past June, the average price of a home was 4.3% higher than that in June 2013. This marks the 28th month in a row of year-over-year price increases and according to economists, that trend isn’t going to come to an end anytime soon.
You can probably spend your whole life making excuses for why now isn’t the right time to take the next step and buy a new house. However, if you take a look at the big picture, you’ll see that there really is no better time than now.