Why Now Is The Perfect Time To Buy

Dated: 03/04/2018

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If you have been considering purchasing a home, you may be curious to know if this is the right time in the market to make your move. The market is fast changing, with new laws coming into play, interest rates are constantly rising, and a whole slew of things buyers have to face when it comes time to picking the right house. What does that mean for you? Well, that there isn't a better time to buy than now. Let's break down the benefits of purchasing a home now, instead of waiting.

 1. INTEREST RATES ARE SOARING

If you haven't been keeping up with the real estate market in Whatcom and Skagit Counties, you might be missing out on the data around interest rates. They are going up, and they are going up fast. 5% may not seem like a lot, but can be the difference between hundreds, or even thousands, of dollars on what you are paying out towards your loan on a monthly basis. Would you want to pay an extra $200 towards interest for your loan each month, or would you prefer to pocket that $200? Well we know the answer to that. Buying a home now while interest rates are at a low is going to be an advantage, both now, and long term. Take advantage of today's rates and purchase a home that doesn't cost you extra just because of interests.
Related: Mortgage Rates on the Rise

2. HOME PRICES ARE INCREASING

Have you been hearing about folks complaining in Bellingham and other cities in Western Washington about the price of homes going up? Well those prices are going to continue climbing. A home that is $200,000 now, could go up to $400,000 in 10 years because of market conditions. We also are aware that wages are not increasing as steadily as the cost of living. Purchasing a home in today's market can get you a bigger and better deal on a house than if you were to wait a few years. Especially in hot city markets, where prices are virtually guaranteed to sky rocket, making a move now can save you hundreds of thousands.

 3. COMPETITION IS GETTING BIGGER

Population growth is a real thing, and with more people, comes more competition for homes. Homes are selling faster, which means a high demand increases home prices. Buying your home now, while the competition isn't as strong as it could be 5 years from now, helps you get a better deal on the home you want now then if you were to wait it out.

The ball is in your court in today's market. If you don't think you are able to buy right now or want to learn more about zero or low-down mortgage options, contact an agent who can tell you what you need to know about qualification and interest rates. Real information for when the time is right.


Related Articles:
3 Questions to Ask Before Buying a Home
Why You Should Still Talk to a Lender Even if You’re Not Ready to Buy a Home

How Credit Scores Affect Mortgage Rates

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