7 Tips for Buyers & The Top 5 Reasons to Consider Buying a Home NOW...
Interest rates at favorable levels and a good selection of homes provide an opportunity for buyers. Here are a few things for buyers to keep in mind:
1. Know what you can afford before you fall in love with your dream home.
2. Consider additional expenses that come with owning a home like property tax, insurance, and repairs.
3. Be flexible on the little things. It would be wonderful to find a home with everything you want, but those are hard to come by – distinguish nice-to-haves and must-haves early.
4. Have imagination and look beyond paint colors, wallpaper, or other easy and affordable things you can change.
5. Don't compromise on the big things, such as enough bedrooms to accommodate additions to the family or space for an office if you work from home.
6. Always inspect even if the surface looks great; it's important to know if anything major is wrong and what it will cost to fix.
7. Think about the future in regard to the neighborhoods, surroundings, schools, and developments.
1. House Price and Interest Cost are two separate calculations. Interest Cost is the lowest in 50 years!
2. If you are waiting for prices to drop, any price savings will be wiped out by interest cost “when” rates go up.
3. Experts predict 4.5% rent inflation. At this rate, rent will DOUBLE in 16 years. Protect yourself from “Rent Inflation” by locking into a 30 year fixed rate house payment TODAY!
4. You will build equity FASTER if you buy today! Why? Because a larger percentage of your monthly payment is going to principal. When rates go up, the exact opposite occurs.
5. Home prices are still on sale! All of the price gains “the bubble” made between 2003 and 2009 are gone! Home prices are back to levels not seen since 2002!
Bottom Line:We may never see another opportunity to jump out of the rent cycle and into the stability of home ownership like we have today!
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