Right now is one of the best times in history to buy a house, if you can find one in your price range and have your offer accepted.
Interest Rates are Incredibly Low – Buy a House
Rates are incredibly low and, while home values are rising, that’s not stopping any time soon, so your home purchase should continue to increase in value.
Buying a home right now will allow you to lock in a fixed-rate mortgage at one of the lowest rates in history. We are closing loans in the 2’s for people right now. Rates have dropped a point since January! It’s crazy right now, and you can save thousands of dollars on your home.
Just remember to look for a fixed rate mortgage and don’t fall for an adjustable rate. You’re not likely to get lower than this, and rates won’t stay this low forever.
Buy a House – Home Values Are Really High and Rising
Home values, on the other hand, are rising steadily and quickly. There aren’t a ton of bargains out there, as prices on average are about 5.6% higher than last year. However, if the trend continues, you are looking at instant equity.
It’s also really easy to sell your current home right now. Homes are coming off the market the first day they go on, and are selling for more than you think.
However, this can burn you, because if it sells TOO quickly, you can be stuck in between homes waiting to close on the new home.
Buy a House in a Thriving Market
While many people figured that the Coronavirus shutdown would lead to a depressed housing market, the opposite has been true. Most homes for sale were pulled off of the market in April, leading to a huge back up of demand that is exploding right now.
After getting through a shutdown without killing the market, you can be fairly sure that the market will remain strong and your new home will appreciate in value.
Call The Home Loan Expert Team in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515, and Nashville at (615) 810-8555. You can always apply online with our 5-Minute Loan Approval at hero.loan for your VA Loan, and www.thehomeloanexpert.com for your other mortgage needs, and we’re also open on Saturdays and will come to you to help close your loan. We work hard to make it easy on you. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?
Original Article Posted at : https://thehomeloanexpert.com/why-buy-a-house-right-now/