If you’ve been considering purchasing a home, you’re probably wondering if this is the right time of year to make your move. The market is fast changing with new laws coming into play, interest rates on the rise, and a whole slew of other things you have to face when it comes time to picking the right house.
What does that mean for you? Well, it means that there’s no better time than the present. Let’s break down the benefits of purchasing a home now, instead of waiting for the spring.
1. INTEREST RATES ARE INCREASING
If you haven’t been keeping up with the real estate market, you might be missing out on the data around interest rates. They are going up and could potentially rise more and faster. Five per cent may not seem like a lot but it can be the difference between hundreds or even thousands of dollars on what you’ll pay towards your loan on a monthly basis. Would you want to pay an extra $200 towards interest for your loan each month or would you prefer to pocket that $200? That answer is obvious.
Buying a home now while interest rates are low is going to be an advantage, both now, and for the long-term. Take advantage of today’s rates and purchase a home that doesn’t cost you extra just because of interest.
2. HOME PRICES ARE INCREASING
Have you been hearing about folks complaining in your market about the price of homes going up? Well those prices are continuing to climb. For example, I have a buyer who purchased and 9 months later the value had increased by nearly 35%! He wouldn’t have been able to purchase his own home if he had waited any longer. We also are aware that wages are not increasing as steadily as the cost of living. Purchasing a home in today’s market can get you a bigger and better deal on a house than if you were to wait a few years. Especially in hot city markets where prices are virtually guaranteed to sky rocket. Making a move now can save you tens of thousands of dollars.
3. COMPETITION IS GROWING
Population growth is a real thing. With more people, comes more competition for homes. Homes are selling faster create more demand which leads to increases in home prices. Buying your home now, while the competition isn’t as strong as it could be…three months…six months…or a year from now, helps you avoid having to compete against multiple offers and get a better deal on the home you want than if you were to wait it out.
So, the ball is in your court when it comes to today’s market. There isn’t ever a better time to purchase then now. Avoid the competition and the increase in fees and prices, and take advantage of a market now before you can’t afford the home you want any longer.