Don't Wait - It's Time To Buy a Home in 2017
2017 is the year of the rooster, but it's also the year of buying a new house. Jump on the Real Estate train now before it's too late. The real estate market is competitive now and is only getting more and more competitive. Don't wait because you won't want to miss out. Interest rates have begun to climb and are predicted to continue to rise higher and higher. The inventory of homes on the market is low and is dwindling. Home prices are high and are projected to continue to rise as well. If you wait to buy you're gambling with the market and this certainly is risky. Experts are advising people who have contemplated moving to move ASAP and not to wait it out. Balboa Realty, the orange county property management and real estate experts have 3 reasons why you should buy now. Call today: 949-386-8310
1. The Number of Homes For Sale is Decreasing
Over the past few years the amount of houses for sale has continued to decrease. Experts predict this downward trend of homes on the market to continue to shrink meaning that the current inventory is higher now then it will be in a year. It's beneficial to have a large inventory of houses to pick from when you are shopping around for houses so buying now is smarter than next month, next year or the year after. Don't wait to buy - Winter is also thought of as the off season real estate time, so now will be much better than waiting until the spring or summer when the competition is higher.
Interested in buying an income property? Balboa Realty can answer all of your orange county property management questions.
2. Interest Rates Are Going Up
The average interest rate on mortgages is about 4% and the trend is that it is slowing climbing. This rise is due mostly in part to the Federal Reserve raising its key interest rate and it's only going to go up. Rates are expected to rise to 6% in just a few years. This trend sounds daunting, but rest assured that a 1% increase averages out to be about an extra $90 on your mortgage payment which is more money, but also not the end of the world. The higher rates also can work in favor of the buyer because it causes the seller to be a little more flexible and understanding when it comes to selling their house.
Do you want to buy a house? Our Orange County real estate experts are here to help you every step of the way. Call today: 949-386-8310
3. Prices of Homes are Increasing
The real estate ceiling has not been hit yet and the prices of homes are still rising. Experts predict housing pricing to increase an additional 2% just this year. The market is so hot right now that bidding wars have started for desirable properties and the selling price is actually more than the original asking price. It's hard to know exactly when this bubble will burst, and with increased uncertainty buying now is the best plan of action.
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Published on Friday, February 10, 2017