One question I hear frequently is, “Is right now the best time to buy a house?”
Well, I’d like to let you be the judge of that. Today I’ll provide you with some facts and figures about our market, so that you can get an idea of what’s really going on. The numbers don’t lie.
When it comes to the time of year, though, right now is undoubtedly a great time to buy. First of all, there’s less competition. Most people aren’t buying near the holidays, so you have an advantage on the market.
Secondly, sellers are worn out. Sellers who listed their property during the summer but haven’t sold yet will likely lower their price, if they haven’t done so already.
Also, because fewer transactions occur at this time of year, you will have the undivided attention of whichever real estate professionals you work with.
Finally, this time of year is great to buy because depending on how you buy your property, some closing costs may be tax deductible.
So, now that we’ve established that this time of year is the best time to buy in general, what about right now, specifically? Is this moment in time truly the best time to buy? The answer is yes.
Currently, you could get a 30-year mortgage at an interest rate at 3.5% for a monthly payment of approximately $1,475.35. But this won’t last. Interest rates are going to rise. While your interest rate may not impact your monthly payment much, a higher interest rate would absolutely mean a lower loan amount.
The difference between a loan you obtain now versus one you get later could be tens of thousands of dollars. So, why wait?
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.