Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.
Why it's a great time to buy despite rising prices!
Friends and Clients — It's an undeniable fact: The last few years have been tough for buyers looking for a new home. One big reason for this is the shortage of homes on the market. Due to this shortage, home prices rose dramatically over the past decade — and they continue to rise. Nationally, median sales prices surged 53.5% between early 2012 and summer 2019. As a result, the homeownership rate has dropped. In 2019, the homeownership rate was just 64.8%, about 2% lower than at the start of the decade, and more than 4% below pre-crisis levels. However, here's the strange thing: Despite the increased prices, now is a better time to buy a home than 10 years ago. That's according to a new report by online lending marketplace LendingTree. It mostly comes down to the present very low mortgage rates. The current 30-year fixed mortgage rate is just 3.49%, almost 2% lower than 10 years ago. A drop of a couple of percentage points might not sound like much, but it can easily mean hundreds of dollars a year and tens of thousands saved over the course of the loan. ... more
Are you on The Rain? Grow Your Network!