If you’ve been considering buying your first home but are unsure about whether or not you’re ready to dive into the world of home ownership, there are several factors that currently make buying a home appealing. Buying a home can be scary for first time buyers, so remember to call your friends at GVC Mortgage to help you navigate the loan process. Consider buying now for the following three reasons.
1. Interest Rate Climate
The U.S. Federal Reserve was expected to raise short-term interest rates in 2018. Bearing that out, rates have already risen twice this year and are expected to rise at least once more. There is little debate that they will continue to rise into 2019 and 2020. What does this mean for you? Now might be the best time to get into your dream home at a low rate that you can lock in before rates skyrocket. Even a 1% difference can be a significant difference in interest paid over the life of your loan.
2. Home Values
While no one can predict the future, home values have seen a rise in 2018 and are generally expected to continue to increase in 2019 as well. You can buy with confidence knowing that your home is likely to increase in value for at least the next couple of years.
3. Find Bargains in the Cooler Months
Although 2018 has been a great year for sellers, there are many opportunities for buyers as the weather gets cooler. During the cold winter months, there are fewer buyers who want to move which means less competition and potentially lower prices.
If you’ve been considering when to buy your first home, the time could be now. Considering the competitive real estate climate, the potential for rising interest rates in the near future, and the prospect of a buyers market in the fall and winter months, now is the perfect time to dive into home ownership with confidence. Still have questions? If you’re in the Carmel or Fishers, IN, area, contact GVC Mortgage at (317) 564-4906 to help make your dreams a reality!