In the past couple of weeks, we've been asking you questions that should be considered when you're thinking about buying a home. We've asked you to consider
Why are you buying a home in the first place?
Where are home values headed?
And today, it's time to ask yourself
Where are mortgage interest rates headed?
The ‘long term cost’ of a home can be dramatically impacted by even a small increase in mortgage rates. The Mortgage Bankers Association (MBA), the National Association of Realtors and Freddie Mac have all projected that mortgage interest rates will increase by approximately three-quarters of a percent over the next twelve months.
With interest rates still below 4%, many buyers may be on the fence as to whether to act now and purchase a new home, or wait until next year. If you look at what the four major reporting agencies are predicting for 2016, it may make the decision for you. The chart below averages the predictions by quarter.
Now, let's look at what the local market has been doing this week.
8 homes listed, ranging in price from $425,000 - $789,000. They range in size from 1508 - 3084, and were built between 1955 & 1980.
Here's our featured listing this week in Northridge...
Location, location, location. Huge home with 7 bedrooms and 4 baths, and 2880 sf, single level building with lots of potentials. Present owner has separated rooms and is leasing them out to separate individuals (will be vacant after removal of the contingencies by the buyer). Original garage is converted to a room with full bath. The house is located in a pride of ownership area of northridge. Floors are mostly tiles. Kitchen with nice granite counter tops and recessed lights. This prime piece of property will be the perfect home for a large family. The seller is moving out of state. Submit all reasonable offers. Buyer is responsible to do all the required due diligence for additions, modifications, and changes made in the property.
Check out all the new listings this week in Northridge –CLICK HERE
Bottom Line Only you and your family will know for certain if now is the right time to purchase a home.
With the exception of Fannie Mae, the experts agree that interest rates will increase by three-quarters of a percentage point, costing you more to pay back your loan. Even a small increase in interest rates can put a dent in your family’s wealth.
Would you like to see where you stand and what the options are with financing your home? Click here for my Free Home Loan Report. What happens, is that I'll ask a few questions specific to YOUR situation, and do the research and share with you the options that will impact YOUR life and decision. All of this is done with No Obligation on your part. We want to help you make an informed decision. Reply to this email with your name and the best way to reach you, or simply call us at (818) 621-9897.
Anne-Marie Stone Pinnacle Estate Properties Cal BRE# 00923192
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