Between the issues here at home and the constant threats coming our way from places like North Korea, it would be perfectly understandable if people were scared away from purchasing real estate in the latter part of 2017. However, we are seeing the exact opposite actually happening, and people are investing heavily in homes across the country.
Despite all of the frightening things we see on the news every night, this is actually the perfect time buy, and many smart buyers are taking advantage and either purchasing for the first time or upgrading from their starter homes.
If you are thinking about buying a home but aren't convinced that the timing is right, we have put together a list of six reasons that will have you rethinking your buying schedule and getting ready to move into your new home!
Interest Rates Are Going Up
The days of zero percent interest rates are long gone, and we are probably not going to see them again in our lifetime. Actually, there is a very good chance that the rate you can get today for a 30-year mortgage is going to be the best rate you see for the rest of your life.
With that in mind, locking in an interest rate that is still extremely low compared to historical precedent should be at the top of every home buyer's list of goals.
Regulations Are Loosening
Following the real estate collapse in 2008, banks were forced to over analyze just about every deal that they did in order to adhere to all of the government regulations imposed on them. But those restrictions have loosened dramatically over the past few years.
Getting a mortgage will probably never be as easy as it was back in the early 2000s, but it is already significantly easier to get a deal to the closing table than it was a few years ago.
Price Are Reasonable
Another reason that now is a perfect time to buy real estate is that prices are just now getting back to where they were before the collapse in 2008. That means that you won't be forced to overpay for a great house in most markets, and you still have plenty of room for the value of that home to appreciate further in the years to come.
Technology is Amazing
In the old days, you used to have to ask your real estate agent to find houses that fit your specifications on the MLS and then go view each one of them yourself to find out what they looked like inside. But thanks to modern technology, we now have the power to see every house on the market inside and out from the comfort of our own living room.
Thanks to modern technology, today's buyers have an excellent idea whether or not they like a house before ever even contacting their agent, which makes the entire buying process shorter and easier.
You Remember the Collapse
There were a number of factors that contributed to the real estate collapse in 2008, and since it happened so recently, you likely remember quite a few of them. The fact that those lessons are still so fresh in your mind should give you additional confidence that you won't make mistakes like purchasing more house than you can afford or agreeing to an adjustable-rate mortgage.
There's No Time Like the Present
The final reason that now is the perfect time to buy is that you want to get the power of compound interest working in your favor on your home as quickly as possible. The longer you allow an investment like your home time to appreciate, the more profitable that investment is going to be in the future.
Despite what you might think after watching the evening news, right now is actually one of the best times in recent history for buying a home. If you are ready to get these six factors working on your behalf, reach out to a local Carrington agent and get your home buying process started today!