If you’re planning a change of address this year, consider starting your search sooner rather than later. While the real estate market typically slows during the winter months, there are many good reasons to buy now.
Interest rates are low. Mortgage rates have now fallen for six straight weeks! The are now at near historic lows, making for more affordable mortgage payments.
Inventory is high. Supply is greater than the demand, which means there are more homes for sale and more to choose from. That is likely to change come spring, when more people are out looking and offers become more competitive.
Prices have fallen. Because the market is flooded with inventory, prices are at an all-time low and sellers are more eager to sell which means you’re likely to get a better deal.
Lenders are still lending. Don’t let last year’s mortgage industry crisis keep you from your dream of home ownership: lenders are still lending to qualified buyers. A high credit score and proof of employment will assist your in obtaining a mortgage.
If you are a growing family in need of more space or a better location, don’t let the possibility of losing money on the sale of your current property stop your move. For all the reasons listed above, you will make up your property sale loss (if any) on the buying end.
And if you’re a first-time home buyer, you have even more reason to buy now: the federal government has instituted a $7500 tax credit for first-time home buyers.
If you’re planning to buy (or sell) your home this year, contact me for more information, including a complimentary buyer consultation. You can reach me by phone at 781.479.4066 or by email at firstname.lastname@example.org.