Its a great time to buy a house with the market currently booming and many buyers are looking for a new home despite low market inventory. One key reason the housing market is prospering is record or near record low mortgage rates. But there are other factors would-be homeowners need to consider when deciding whether now is a good time to buy.
Why Now Is A Great Time to Buy A House
As any realtor will tell you, buying a house has much to do with timing. The question I am most often asked right now, “So is now a good time to buy a house?” That can be a loaded question that may have many variables. It is very cliché to say that, “Now is the time to buy,” but actually, right now, that answer really is true. With mortgage interest rates at or near historic lows now is definitely a perfect time to buy your dream home. click here to search listings in Springfield.
What is the current Springfield housing market like?
The Springfield housing market is hot, both for single family homes, town homes and multi-family units. People are moving to our area from around Missouri and out of state because of the good job market, low cost of living, and great housing options. There are new homes being built around the area, but the existing home listing inventory is very low because people love where they live and not wanting to sell. If you find a new home in a neighborhood you like, jump at the chance before someone else does.
Are home values rising?
Home values have been rising at a higher than normal rate due to the shortage of existing home listing inventory. The cost of building material are also high right now causing the value of new construction to increase. The good news is that makes for more equity in your current home. This will allow you to put more money down on a new home, making this a good time to upgrade or downsize. click here to find out what your current home is worth.
Are mortgage loan rates still good?
Yes they are. Rates are still at or near historic lows making it a great time to take advantage of them and look into buying a home. As the economy rebounds and continues to improve, interest rates will inevitably go up. For example, assuming house prices stay the same… if rates go up 1%, the same house could cost you an extra $100 or more per month and tens of thousands more over the life of the loan.
You want to move, should you just rent for now?
No, now is not the time to rent, not with current rent prices. The price of rent across the Springfield is higher now than it has been in years and the rates continue to increase as more and more people move to the area. Right now you can possibly buy a home and pay less on a mortgage payment than you would to pay to rent that very same home. So for many young couples and others thinking about buying a home, don’t wait, check out your options.
If you have any questions please call me at 417-693-3254 or email at Brice@BriceDavis.com, you can also call my office at Southwest Missouri Realty 417-582-2200.