Top 4 Reasons to Buy A Home Now in Saratoga Springs NY
Buying a home in Saratoga Springs NY is a major decision in ones life. With financial commitment being a major concern it is important to secure the best possible deal when buying a home.
Similar to the stock market potential home buyers are waiting for the perfect time to maximize on their investment. The perks of lower home prices, low interest rates, and federal subsides will not last much longer.
While Saratoga Springs has not seen that big of a drop in sales prices they still have lowered. With the rise in sales experts believe home prices will begin to rise by summer. Right now home prices in Saratoga Springs have pretty much stabilized. The medium sales price for a home in Saratoga County is $250,000 this is 9% higher than last year.
Beginning this week mortgage prices have started to rise. Throughout the last year the Federal Government has been buying millions billions of dollars of mortgages every month boosting the market.
The theory of supply and demand has taken over. With more demand of mortgages interest rates will begin to rise. Mortgage rates are expected to rise to 6% by the end of the year. Currently the rate is at 5.26% on a 30 year fix up from last week of 5.12%.
Federal Tax Credit
The First Time Home Buyers Credit of $8,000 and moving up credit of $6,500 will be ending this month. It is not expected to extend for a second time around. It is important to try and take advantage of this while it lasts.
When buying a home while trying to get the best purchase price it is a huge gamble to wait. What we do know is the Federal Credit is about to end and mortgage rates have already began to climb. Its really a draw of the hat but all signs are pointing that now is the time to buy a home in Saratoga Springs.
Top 4 Reasons to Buy A Home in Saratoga Springs Now