Why You Should Buy Your New Home Before 2014
If you’re in the market to buy a home, the last quarter of 2013 is the time to do it. Why? Because interest rates are still at historic lows! Interest rates on fixed-rate loans are still appealing, and experts say it’s still cheaper to buy than rent. Some Lenders are also a little more lax with their loan qualification requirements this year.
It’s cheaper to buy than rent. According to a 2012 Trulia Trends® study, “buying a home is 44 percent cheaper than renting in the 100 largest metro areas in the United States.” There is a significant price difference in total monthly costs with the lower interest rates. We’re currently in a buyers’ market – consider the benefits of buying a home instead.
Even though home prices are creeping up, in certain neighborhoods, they have remained much lower than five years ago. Housing price trends vary significantly by location and even by neighborhood.
It may be easier to get a mortgage. Credit unions and banks may be making it easier for some prospective buyers to qualify for a mortgage. Less stringent requirements and qualifying criteria may help some people finally get that home loan.
There is less competition from investors looking to buy and flip houses. Housing prices in some markets are increasing, making house flipping less attractive. This gives prospective homebuyers more inventory to choose from and the benefit of having less pressure to close a deal because of another pending offer.
It’s time to invest in your future. Buying a home gives you a chance to start building equity, and investing in your future. If you sell your home in five or ten years, you should profit from the sale and invest that money elsewhere. If you’ve been dealing with rising rent or the hassles of costly moves, settling into a home can stabilize your housing expenses.
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Suite 409 San Diego, CA 92130