Setting down some roots in a home and a neighborhood that is right for you can be one of the most important decisions you ever make. If you are wondering what a good time to buy is, it may be now. With the sun shining, it is the perfect time to pack up those boxes and start your future.
But before you load up that moving truck, you have to find the right home.Here are four reasons why now could is the time to buy.
Home Prices Going Up
In the first quarter of 2016, home prices rose 87 percent, according to the National Association of Realtors. It is expected that this trend will only continue as inventory remains low (we will get to that shortly) so now may be the best time to jump into the market and secure a price that works for you. In the western U.S., the median home prices have increased 40 percent over the last three years, according to Money Magazine. Waiting may result in prices going up even further and some buyers may risk being priced out of the market.
Low Interest Rates
Oil prices and nervousness over the global economy has pushed mortgage rates to a three-year low,according to The Washington Post. The Washington Post states that the 30-year fixed-rate average rate is now at 3.58 percent – the lowest since May 2013. So even though prices are climbing, lower interest rates are helping to make purchasing enticing for first-time home buyers. The recent “Brexit” vote may have also opened the door to favorable interest rates.