Not sure whether now is a good time to buy a home? Buying today is full of opportunity and more consumers are coming to realize this conclusion. In a recent monthly survey, the mortgage company Fannie Mae found that nearly three-quarters of Americans thought it was a good time to buy a home due to their expectation that purchase prices will increase within the next year. Doug Duncan, a chief economist from Fannie Mae, stated in the Wall Street Journal, “Conditions are coming together to encourage people to want to buy homes”.
So why should you buy a home right now? We’ve listed the main reasons below:
- Lower interest rates
- Increasing rents
- Lower prices
Lower interest rates. Interest rates today are some of the lowest since 1971. “Homeownership is within reach of more households than it has been for nearly two decades,” said Bob Nielsen, chairman of the National Association of Home Builders (NAHB). No one is sure just how long these low rates with stick around.
Increasing rents. Rental prices have continued to climb while vacancy rates reach a low. According to Ryan Severino, a Reis senior economist, “…rents tend to spike as landlords perceive that tight market conditions afford them greater pricing power over tenants”.
Lower prices. Prices still have not returned to their 2006 levels.
Still not sure whether buying now is the best decision for you? Now is the time to find out! Whenever buying a home you need an experienced, reputable, and trustworthy agent at your side. Our agents at Alliance Homes are here for you. Contact your local experts today!
Apartment Rents Rise, Vacancies Plunge. ABC News. Web. 6 Jul. 2012. <http://news.yahoo.com/apartment-rents-rising-vacancies-10-low-140611799–abc-news-savings-and-investment.html>.
June 2012 Market Update. Keller Williams Realty. Web. 18 Jun. 2012. <http://images.kw.com/media/shared/tmre/tmire-jun12.html>.
Why Now is a Good Time to Buy a Home. MSN Money. 25 Jan. 2012. Web. 18 Jun. 2012. <http://money.msn.com/debt-management/article.aspx?post=88a39190-6e56-47e4-a1a7-4ec8a79edfc4>.
Why Buy a Home? Carla Hill. Realty Times. 25 Jan. 2012. Web. 18 Jun. 2012. <http://realtytimes.com/rtpages/20120125_whybuy.htm>.