Why Buy A Home Now & Mortgage Rates

As we move towards the end of the year, many potential homebuyers are wondering if now is the right time to buy a home. With mortgage rates fluctuating and the real estate market constantly changing, it can be difficult to determine the best time to make such a big purchase. However, there are several reasons why buying a home now is a smart move.

Buyers:

Firstly, buyers have a unique advantage in the current market. With many sellers looking to move their homes quickly, buyers have more negotiating power when it comes to price. Additionally, with more people looking to sell their homes due to the pandemic, there is a wider range of properties available to choose from.

Mortgage:

Mortgage rates are also currently at a historic low. This means that buyers can secure a lower interest rate, which translates into lower monthly payments and more savings over the life of the loan. However, it's important to keep in mind that mortgage rates are subject to change and may increase in the future.

Market Update:

In terms of the market update, the real estate market has remained strong despite the challenges of the pandemic. Housing demand has remained high, with many people looking to buy homes that better suit their current lifestyle needs. With more people working from home, there has been an increased demand for homes with more space and outdoor areas.

Will mortgage rates go higher?

While mortgage rates are currently low, there is no guarantee that they will remain this way. Many experts predict that rates will slowly begin to rise over the next few years. Therefore, buying a home now while rates are low could result in significant savings over time.

Summer:

Summer is also an excellent time to buy a home. With more properties being listed on the market, buyers have a wider range of options to choose from. Additionally, summer weather makes it easier to assess a property's outdoor features like landscaping, swimming pools, and patios, which can be important selling points.

Should I buy before school starts?

For families with school-aged children, buying a home before the start of the school year can be beneficial. This allows children to become acclimated to their new surroundings and make friends before the school year begins. Additionally, buying before the school year starts can ensure that families are settled into their new home before the chaos of the school year begins.

In conclusion, buying a home now is a smart move due to the current market conditions and low mortgage rates. While there is no guarantee that rates will remain low in the future, taking advantage of them now can result in significant savings over the life of the loan. With more properties available on the market and plenty of negotiating power for buyers, now is the time to make that home purchase you've been considering.