KCM covers some great information in the real estate industry. The information below is from the KCM blog:
There may have never been a better time in real estate history than right now to purchase a home. Many buyers wait until spring to look for and buy their home. Here are five major reasons you should consider buying in this season:
1. Supply Is Shrinking
With inventory declining in many regions, finding a home of your dreams may become more difficult going forward. More and more buyers are surprised that, when they go to buy, there is no longer a large assortment of houses to choose from. Remember, the best homes in the best locations sell first. Don’t miss the opportunity to get that ‘once-in-a-lifetime’ buy because you thought that great deal would be sitting there waiting for you. There is always someone else looking for that great deal too and they will snap it up before you.
2. Price Increases Are on the Horizon
Prices were expected to bounce along the bottom this winter. However, many pricing indices are reporting that prices are continuing to rise. The real estate industry has seen consistently rising price trends throughout this year.
3. Rents Are Skyrocketing
Rents generally increase by 3.2% on an annual basis. A study issued earlier this year projects rent increases of 4% for the next two years. But many real estate websites have reported that rents this year have actually shot up by 5.4%.
4. Interest Rates Are Projected to Rise
The Mortgage Bankers Association has projected that the 30-year mortgage interest rate will be 4.4% by the end of 2013. That is an increase of approximately one full point over current rates.
5. Buy Low, Sell High
When investing, we all want to buy at the lowest price possible and sell at the highest price. Housing investments can create wealth as long as we follow this simple principle. This fall and winter, real estate is selling ‘low’. Don't wait until Spring...it’s time to buy now!
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