If you are thinking about buying a home, ask any real estate agent when is the best time to buy it. They will tell you that there is no better time to buy a home than right now.
Every day, the real estate market is changing little by little, and if you want to move into one of a handful of Newport Coast homes for sale, looking to buy now is the best move to make. By waiting 6 months, a year, or even more than that, you the opportunities that you have now might not ever be there by that time.
Here are three reasons why you should not wait to shop for Newport Coast homes for sale:
Interest rates won’t stay low for long.
The first reason why buying a home now is a good idea is that interest rates are very competitive and attractive. While they aren’t as low as they were in the year 2016, they are still at amazing rates for 30-year mortgages and 15-year loans.
Pretty soon though, these rates may rise up again. Mortgage rates are expected to rise up to 5 percent by next year. By locking in a low interest rate on your mortgage, you will save thousands upon thousands of dollars over the duration of your loan. This is why now has never been a better time in securing that loan.
Buying a home is very competitive.
Buy a home now because waiting might make your home buying experience more competitive than before. Now that most of the country has recovered from the economic recession, more and more people are in a better position to buy new homes. With more people on the market looking for homes, the more homes will be taken off listings due to faster sales.
Because of fierce competition, homes are sold as fast as they are put up for sale, with deals made above asking prices. Competition in most real estate scenes are still affordable today and there are many deals that you can find. But as the economy continues to improve more, you will see more home buyers looking to buy the same homes as you would, and also willing to pay more for a home, too.
Homes get pricier and pricier.
It appears as if home prices are going up continuously every single month, with no signs of prices dropping or slowing down. If you purchase a home in the 2nd half of 2019, you can expect to pay up to 10 percent more than what you would pay for a home today. If you add the rising interest rates with the rise in home prices, you can expect to pay a lot more later instead of paying a reasonable price now.
Homes for sale will be fewer.
When there are too many home buyers and not enough homes for them all to buy, there will be some heavy competition with prices going up higher and higher. As time goes on, the homes for sale will be few and far between, and as interest rates go up, people are less likely to put their homes up for sale so they can continue to pay lower interest rates for their mortgage.
If you think there might not be that much homes for sale available right now, it might even get worse if you decide to wait, and prices will get even higher as available homes grarer. It it a good idea to buy now before these homes are outside your reach.