Is Now the Right Time to Buy a Home?
- July 26, 2019
- Posted by: Ryan Allison
- Category: Credit Repair, Finance & accounting, mortgage
People often ask, “When is the best time to buy a home.” That can be a tough question to answer given the many variables involved. And while it is very cliche to say that, “Now is the time to buy,” actually, right now, that answer really is YES!
You want to move, but should you rent for now?
No, not with current rent prices. The price of rent across the USA is higher now than it has been in years and the rates continue to increase as more
and more people make moves. Right now you can easily buy a home and pay less on a mortgage payment than you would to pay to rent that very same home. So for many young couples and others thinking about buying a home, don’t wait, check out your options.
What is the current housing market like?
The housing market in the USA is hot, both for single family homes and multi-family units like townhomes. People are moving to more populated areas from around the USA and particularly out of state because of the many new jobs being created, low cost of living, and great housing options currently available. There are new homes being built in new up-and-coming areas, but the existing home inventory may be a little low because people tend to love where they live and are not wanting to sell. If you find a new place in a community you like, jump at the chance before someone else does.
Are mortgage loan rates still good?
With the current administration, fed announcements and other factors in the market, rates have gone up slightly, but overall they still remain historically low, making it a great time to take advantage of them and look into buying a home. As the economy rebounds and continues to improve, interest rates will inevitably go up. For example, assuming house prices stay the same… if rates go up 0.5%, the same house could cost you an extra $100 per month and tens of thousands more over the life of the loan.
With rates still quite low, would now be a good time to refinance?
Certainly! If you love your current home but wonder if you could refinance to a lower interest rate and save some money every month, now is the perfect time to consider that. Talk with one of our loan officers about your current mortgage and see if it makes sense for you to refinance your loan. Rates are low for now, so if there is an opportunity to refinance – do it or you may miss your window.
Dont guess – Talk to a professional today!
If you’re looking to buy a home, it’s so important to sit down with a loan officer to discuss your loan options and go over your individual situation, whether it’s your first home or you’ve purchased before. An IFS loan officer can help package the best options for you regardless of your current financial situation. Together, you can determine a price and loan amount that will fit your needs. The same is true when considering a refinance on your current home. Make a free appointment with one of our loan officers to see if a refinance makes sense for you. But hurry… interest rates won’t stay like this for long.