If you have been holding off before making the plunge to purchase a new home, wait no more. The time to buy is NOW, and some reasons WHY are as follows:
After years of low interest rates, we are beginning to see some noticeable increases: The rate for a 30-year fixed mortgage broke the 4% mark last year, And with economic growth continuing to carry momentum, rates could hit 5% by the end of this year, or early in 2019. The longer buyers wait to purchase, the more expensive it will become.
While prices are continuing to climb, the rates at which they are climbing is not expected to accelerate anytime soon. Existing-home sale prices are predicted to increase 2.5% year over year, but since 2017 saw a 5.5% year-over-year increase, prices for 2018 are expected to moderate. New home sales and prices in Texas are expected to increase in 2018 due to statewide economic momentum, new construction happening at the right price points, and people are relocating to Texas at a staggering rate.
An inventory shortage has plagued the U.S. housing market since 2015, but by fall 2018, the tides will begin to turn with the expansion of new home construction as we see more and more recovery from the economic recession of previous years. Many Texans are utilizing their insurance payouts from Hurricane Harvey to build newer homes, taking advantage of the lower price points in construction materials now versus later in the year.
Buying a new home is a choice and a decision which requires careful planning and budgeting. Experts agree that the time is NOW to start your home-buying venture. A reputable lender and knowledgeable realtor are KEY to ensuring your new home purchasing experience is a big success! Call me today; I would be delighted to assist you with your new home purchase, referring a reputable lender, or anything else real estate-related.
Author:Melissa Plaster Phone: 936-537-9103 Dated: January 22nd 2018 Views: 179 About Melissa: ...
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""This was mine and my husband first house to purchase. Kristina explained anything that we did not understand and made this as enjoyable of a process as it could be. Thanks to her we are now homeowners." "