The Perfect Time to Buy

May 15th, 2015

vdThe real estate market of 2015 and specifically this spring is showing huge buyer demand for homes. The market is currently at the highest peak it has had in years. The demand in so many markets is so high that it is far exceeding the supply. Economist Lawrence Yun Chief for the National Association of Realtors commented that “March sold at a faster rate than ANY month since last summer”. Properties this year are selling within 4.6 months’ time which compared to the historical average of 6 months makes today’s current market an ideal time to list your property and move into your dream home. If this rate of sale is not enough maybe future savings will be a good motivator.

According to the “Home Price Expectation Survey” which polls consists of 100 economists, investment strategists and house market analysts, it is expected that the appreciation of home values in the next 5 years will increase to be between 11.7% and 27.5%. Home values will only continue to rise, although waiting for your own home to rise could potentially price you out of your hopes of buying your dream home. With those facts put in place, it has to be reinstated that today’s market is ideal. Additionally the Mortgage interest rates are still near record lows, remaining themselves below 4% for some time now. However predictions have been made that in the next 12 months this record low will be no more. Interest rates are expected to rise, which will impact your monthly mortgage in a big way. To put it in perspective; just half a percentage point change in interest can really damage your family’s net worth. With both the cost of property and mortgage rate perpetually increasing, it is important that you determine if you should or shouldn’t wait to purchase a home. Looking strictly at the numbers, buying your home sooner rather than later could really save you a large sum of money. If it is the right time for your family and yourself, being at the right level of readiness couldn’t have come at a better real estate time. it really is the perfect time to buy.