If you have been considering purchasing a home, you may be curious to know if this is the right time in the market to make your move. The market is fast changing; with new laws coming into play, rising interest rates, and a whole slew of things buyers have to face when it comes time to picking the right house. What does that mean for you? Well, that there isn't a better time to buy than now. Let's break down the benefits of purchasing a home now, instead of waiting.
INTEREST RATES ARE SOARING
If you haven't been keeping up with the real estate market, you might be missing out on the data around interest rates. They are going up, and they are going up fast. 5% may not seem like a lot, but can be the difference between hundreds, or even thousands, of dollars on what you are paying out towards your loan on a monthly basis. Would you want to pay an extra $200 towards interest for your loan each month, or would you prefer to pocket that $200?
Buying a home now while interest rates are at a low is going to be an advantage, both now, and long term. Take advantage of today's rates and purchase a home that doesn't cost you extra just because of interests.
HOME PRICES ARE INCREASING
Nobody expected that 2017 would be a record setting year for the Houston real estate market. Not only did it weather slumps in the energy market but even not even Hurricane Harvey could break our real estate economy. Our city has seen stead property value increases over the last several years and as the demand for housing continues to increase, you can expect prices to follow suit. So what does that mean for buyers today?
A home that is $200,000 now, could go up to $400,000 in 10 years because of market conditions. Purchasing a home in today's market can get you a bigger and better deal on a house than if you were to wait a few years. Making a move now can save you thousands in the future.
COMPETITION IS GETTING BIGGER
Population growth is a real thing, and with more people, comes more competition for homes. Houston homes are selling faster, which means a high demand increases home prices. Buying your home now, while the competition isn't as strong as it could be 5 years from now, helps you get a better deal on the home you want now then if you were to wait it out.
So, in conclusion, the ball is in your court in today's market. There isn't ever a better time to purchase then now. Avoid the competition and the increase in fees and prices, and take advantage of a market that is still in the buyer's favor.