Are you aware of these 10 reasons to buy a home now?
#1 MORTGAGE RATES WILL RISE
Though at historic lows, there are factors that play
into current rates, such as support from the
Federal Reserve and moderate economic
growth. Rates have gone up and may continue
to do so.
#2 FEDERAL RESERVE SUPPORTS WILL END
Speaking of support, the question is open as to
how long the Fed will manage rates.
#3 HOME PRICES ARE INCREASING
With sellers markets forming in many areas
around the country, homebuyers should act
now before prices rise even more.
#4 FHA INCREASING COSTS
In order to boost the FHA reserve fund that was
wiped out in the housing crash, lawmakers have
increased mortgage insurance premiums and
raising credit score requirements.
#5 HOMES SALES ARE INCREASING
Home sales are increasing which is making it
harder to find the perfect home. If you wait too
long, there is a good chance you will not find
many suitable homes to choose from.
#6 RISING RENTS
With rents rising at round 3% growth each year,
taking advantage of affordable homes right now
can benefit the buyer in the long run.
#7 MORTGAGE-INTEREST DEDUCTION
Certain lawmakers have proposed reducing the
deduction or doing away with it altogether.
Currently, the deduction is still in play and
hasn’t been reduced yet.
#8 INCREASED AFFORDABILITY
The National Housing Affordability index predicts
the third-highest reading on record for 2013. In
simple terms, this means that 2013 is a great
time to buy before home prices and mortgage
interest rates rise.
#9 DELINQUENCIES HAVE BEGUN TO WANE
The continued decline of mortgage delinquencies
will help to firm home prices and increase
confidence of those looking to purchase.
#10 DESIRABILITY IS BACK
As opposed to ten years ago, people are less
worried about losing their jobs. Prices have
stopped falling in many areas. Home sales
have picked up and banks are seeing fewer
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