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Buyer Should Purchase 3 Crucial Reason
1. Rates are risingIn 1981, when mortgage rates hit 18% and seemed to rise every day, single-digit rates seemed like an impossible dream.Last August, rates on 30-year mortgages bottomed out at 3.55%. Now that the Federal Reserve finally decided to raise its key interest rate, mortgage rates have been rising slowly. Today, the average rate is just above 4%; by 2019 or 2020, rates could easily climb to 6%.
2. Inventory is shrinking.In November 2016, there were only 1.85 million homes for sale. That’s a nearly 10% drop from the year before. It continues a trend of steady decline since just before the housing crash, when inventory peaked.Real estate experts predict inventory will continue to shrink, at least for the foreseeable future. That means that in most areas of the country, buyers have more homes to choose from today than they will next year.Or even next month. If you get moving now (during the winter, which is largely considered to be real estate’s off-season), you’ll have less competition for those homes than you will in the peak spring and summer months.
3. Home prices are still rising.The bad news for buyers is that home prices now stand higher than before the 2007 crash, increasing 5% from 2015 to 2016. And housing experts expect an additional 2% to 3% jump in 2017.
Colorado Springs CO Real Estate Buyers and Listings for Sale and Real Estate Services. ReAnn Kuhn Looseis your local Real Estate Expert for Colorado Springs Colorado and Surrounding areas. You now have free access to Colorado Springs, CO Ultimate Real Estate Search Engine! Google or Call me Today and let's discuss how I can help you. ReAnn Kuhn Loose719-330-5533
As a Full Time real estate agent for the past 23 years, Sheryll has helped hundreds of home owners in Colorado buy and sell their homes. Sheryll's easy going, no pressure style and her in depth knowl....
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