Are you a First Time Home Buyer?
Have you been wondering if it’s the right time to buy a home? Good news: Now is the perfect time to buy your first home! Several factors are combining to create good situations for many first time home buyers, here are just a few…
Mortgage rates are historically low.
The average interest rate on long-term, fixed rate mortgages remains at historic lows and well below the 9.2% average of the past 35 years.
An increase in mortgage interest rates can dramatically affect the amount of home you can purchase.
For example, assume you want a monthly mortgage payment of approximately $850. At a 5% mortgage rate, this would translate to a $125,000 home. If the rate rises to 8%, your purchasing power drops to $97,000.
Homeownership is a solid long-term investment.
National home prices have appreciated at a 5.5% average annual rate over the past 33 years. Sure, there have been wide variations in local markets and over short periods of time, but, by and large, if you plan to remain in your home for several years, history is on your side.
Time in the market is more important than timing the market.
It’d be terrific to know just when the housing market is going to bottom out and buy property then. But no one has that ability. A good strategy is to simply get in the market, make that home purchase. Today’s low mortgage rates are making that very easy for you!
Take the next step toward home ownership.
If you’re interested in buying a home but not sure about the details, then contact us. We can assist you in making your dream of home ownership a reality.
Jinny M. Ahrens and Meghan Reynolds, Realtors®
