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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

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