It’s Time for Your Dream Home
Spring is in full force; summer is around the corner. If you are considering moving up to your dream home, here are 4 great reasons to list your current home now and move up to your dream home.
1. Buyer Demand is High. Inventory is Low
Recent numbers show buyer demand is at the highest peak experienced in years, and inventory for sale is at a 4.5-month supply, which is still markedly lower than the 6 months needed for a historically normal market.
Listing your home today can greatly increase exposure to buyers who are ready, willing and able to buy.
2. Prices Will Continue to Rise
CoreLogic recently released their latest Home Price Index which forecasts national home values will appreciate by 5.3% by this time next year.
The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting for your current home’s value to increase before selling could price you out of your new home if you aren’t careful.
3. Mortgage Interest Rates Are Still Historically Low
Interest rates have remained below 4% for some time now. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison projecting that rates will rise over the next 12 months.
An increase in rates will impact YOUR monthly mortgage payment. Even a 1/2% increase could put a dent in your family’s net worth. Whether you are moving up or buying your first home, your housing expense will be more a year from now if you need a mortgage to purchase your home.
4. It’s Time to Move On with Your Life
The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears both are on the rise.
Look at the actual reason you are buying and decide whether it is worth waiting. Have you always wanted to live in a certain neighborhood? Would a climate change be just what the doctor ordered? Would you like to be closer to your family?
Real Estate Bottom Line
If the right thing for you and your family is to move up to the home of your dreams this year, buying sooner rather than later could lead to substantial savings.
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