Many people are looking at the competitive housing market and are trying to decide whether or not it is worth attempting to join in on the fun of homeownership. Rates are staying low, making it an affordable time to buy a home, yet the competition is making the prices of homes continue to rise.
Unsure of what to do? Here are some reasons why you should consider buying a home this year.
Rates are low. The best time to buy a home is when the interest rates are low. Even half of a point can make a big difference when you are talking about hundreds of thousands of dollars. You may be able to buy a small home for less than you are paying each month on rent. You may also realize that you can afford a nicer home than you ever imagined, simply because the rates are so low!
People are spending more time at home (than ever before). The pandemic has hit us hard and most Americans are barely leaving their homes. Even as things begin to open up, more and more people are choosing to stay home where they feel safest. They are working and taking classes in the privacy of their own home. Because you are spending so much time there, it makes sense to buy a nice home that is all yours.
You can do whatever you want to your own home. Since you are spending so much time at home, you may want to make some changes to improve it. It is a perfect time to do some remodeling, whether you need new kitchen cabinets or want to add a home office in your home. If you are renting, you might not even be able to paint, without permission. However, when you own your own home, you can make any changes that you want!
If you are renting, you are at the mercy of your landlord. Because of the competitive market, many landlords are thinking about selling the homes and apartment buildings that they own. You could be kicked out at any time due to this. This is especially true for those who are renting single family homes. However, this doesn't mean that you are safe when you are renting an apartment in a building. If the landlord sells it, there is a chance that the new landlord won't allow you to stay in the apartment. If he or she does, you may face a rent increase or new rules that make you want to move out.
So, what should you do? Even if you are simply considering the possibility of buying a home, you need to act now! Start by reaching out to our local expert loan officers to discuss the whole process. They will be able to help you get your paperwork in order so that you can be pre-approved and decide how much you can realistically spend on a home.