We’ve been telling you that if there is the best time to buy a house and you keep on thinking about it, we are still going to say that 2017 is one of the best years to do it. There will definitely be an increase in home prices because of high-interest rates and low inventory. As long as you still have time and you’re ready to buy a house, today is your best time to take actions.
According to Jonathan Smoke, a chief economist from realtor.com®, “It’s tough to buy a home today in most places in the country because there are so few homes for sale, but if you wait to buy, then you’re gambling that the market will be better for you to purchase in the future.”
For further explanations, here are the reasons why you should buy a home this 2017.
1. Increasing rates.
Always keep in your mind that when rates go up, competition and prices usually go down. Calm yourself and don’t panic because it will easier to deal with the sellers.
2. Shrinking inventory.
If inventory is shrinking, it only means that buyers have a lot of home choices today compare to the next coming years in different areas of the country. Think about August to October and you will find out that today is the best time to decide.
3. Rising home prices.
Since we came out of the 2007 crash prices have been increasing steadily. There was an increase of 5% from the year 2015 to 2016 and this year, it is expected to have an additional 2% to 3% increase in home prices according to the housing experts.
Trevor Levin, a real estate agent said that “Prices continue to go up; we have yet to see that ceiling, I think they have room to grow.”
With the Trump administration, mortgage rates bring uncertainty to the real estate.
So here’s the good news. Jump into the market now and you’ll find the best deals.
Source: http://www.realtor.com/advice/
