Here are the top five reasons you should consider buying a home this summer from our friends at Finer Homes, a sponsor of CBS 6 Sizzling Summer.
1. Interest Rates
At all-time lows of around 3.5%, you get so much house for your money! Even only a 1% increase can cost you hundreds more, each and every month for 30 years!
While the market has improved and prices have gone up in some cases, we are still at excellent prices per square foot. If conditions continue to improve, prices will continue to rise.
3. Mortgages Could Get Tougher to Secure
Every expert predicts we are headed in the direction, due to legislation, of larger down payment requirements across the board, pricing many folks out of the market altogether. Additionally, the underwriting/qualification process could become tighter as well. Many folks move into homes with only 3.5% down – that is absolutely going up over time.
4. Interest Rates
We know we said that already, but it bears repeating! Rising rates are the fastest way to erode your buying power. And no one knows when they will rise for good.
5. Now is a Good Time to Sell Your Current Home to Build New
Low resale inventory is resulting in quick sales at good prices. That could change overnight if the market gets flooded with houses going on the market. Sell yours NOW while the selling is good to move on to where you want to go.
6. If you want to build NEW, prices are going up as we run out of DIRT!
We are all building on lots left over from before the housing crash. These lots are at relatively good prices. One they are gone, we have to develop raw land at higher prices, as those higher lot prices raise NEW HOME prices dramatically.