If you're one of the many Americans confident about our economy and are thinking about moving up to a newer, nicer, or larger home, there might not ever be a better time than now. Here's why.
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Many homeowners are wondering if this year is the year to move up to a bigger, newer, or nicer home.
Many see a rosy short-term outlook, which is usually good news for the housing market. Many expert industry reports I've consulted say that consumer confidence is on the rise, which means Americans are starting to dream again, and these dreams often include a larger home. Many of these people need more room in their home but have held off because of uncertainty about the economy, jobs, or a number of other factors.
If you're having these thoughts, you're probably wondering when the best time to act is. It might be better to buy a larger home earlier in the year rather than later for a couple reasons.
There are two critical components that will factor into your mortgage: the price of the home and the interest rate. Both are likely to rise as the year goes on.
Prices and interest rates won't get any better than they are now.
Low inventory means high demand for these houses, and high demand means higher prices. Most of the southwest Ohio market has become a seller's market, and you probably won't see lower prices on your dream home for a long time.
Interest rates are also expected to spike dramatically by the end of the year, which will strongly affect how much you can afford to spend on a home. In other words, you will get more bang for your buck now than at any other point this year. Don't we all want the most bang for our buck, especially for an investment as big as our home? National Association of Realtors Chief Economist Lawrence Yun says "By this time next year, expect the 30-year fixed rate to likely be in the 4.5% to 5% range."
If you're like many other Americans confident about the near-term economic future and you're thinking about moving up to a newer, bigger home, let's talk to form a plan while interest rates are still favorable. Give me a call or send me an email soon and let's get the conversation started.
