The Home Loan Expert Team knows the trends, and if you’re not ready to buy a home, here’s 4 reasons why 2017 should be the year you take the plunge.
With mortgage rates staying near historic lows for the past few years, many people that were on the fence about buying a home have taken the plunge, wanting to make sure that they get the lowest rates and save the most on their home. Here are the 4 reasons why you should buy a home in 2017.
Skyrocketing Home Values Will Slow
Real estate prices have boomed in the last few years, but the trend may slow in 2017. The buyers that haven’t been able to buy because of the rapidly increasing home values can start to jump in as the rates slow.
This could become a huge jump in home sales, with more renters becoming homeowners.
More Homes Will Be Built and Go On the Market
With home prices allowing, more home owners should put their homes on the market, expanding the options available.
Builders are also expected to focus on starter and mid-range homes, giving new and first-time homebuyers more options to get into their first home. This puts less of an emphasis on bidding wars and can help ease prices.
Low Rates Won’t Last Forever
The Federal Reserve is going to begin increasing interest rates soon, closing the window on the historic rates that we’ve gotten people over the last couple of years.
Even though rates are expected to rise gradually, it will also increase borrowing costs and mortgage payments, so the earlier the better.
Rent Is Only Going Higher
In most cities, buying will be cheaper than renting because rent will continue to rise, especially in hot markets.
While your mortgage may rise this year, it’s still a better deal than the rising rental rates across the country.
If you’re ready to make 2017 the year that you become homeowners, call us in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515 and Nashville at (615) 810-8555. You can always apply online at www.thehomeloanexpert.com, and we’re also open on Saturdays to better serve you. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?