If you’re in the market for a home, now is a great time to buy. Here are five reasons why:
1. Low Mortgage Rates. It’s widely known that mortgage rates have been at all an all time low over the past year, but they are expected to creep up, by up to a full percentage point throughout this year, so buying before that happens is a great move.
2. Prices Are Rising. Just like mortgage rates, historically low home prices are a thing of the past. Prices have appreciated over 5% in the past year and are expected to continue rising for the foreseeable future, making now a great time to buy.
3. Insane Rents. Rental homes on the market are renting for high prices that are continuing to rise. For many people, buying now is a better financial decision than continuing to rent, and if you already own a home, renting it out if you’re ready to move could possible even net you a monthly profit.
4. Good Inventory. In many places, there are many homes on the market, leading to a larger selection and lower prices for buyers.
5. Mortgage Regulations Are Changing. Even though it can be tough to get a mortgage now, many experts believe that requirements will become even more stringent, making it even harder in the near future.
Thinking of buying or selling a home in Sussex County? Give us a call at Cooper Realty Associates and put us to work for you – 302-644-2266.