Ask the Experts – Should we wait to buy a home? By all means – No, the time to buy a home is now!
With below market interest rates and the below average market inventory today maybe the opportune time for buyers to make the move to a new home. The Federal Reserve has delayed increasing the interest rate for fear of disrupting the future growth of the economy. Mortgage lenders eager of offer a variety of mortgage loan programs to suit your family financial status. In this current market the greatest risk to potential home buyers is to wait to jump into the market to buy a home. Buyers should always be actively looking to buy a home at bargain or below market price. A mortgage lender will determine your buying power by retrieving your credit report, reviewing your credit score and debt ratios compared to gross income. Here are some facts to consider:
- Home prices in the DMV have risen 3 to 8%. Prices nationwide are projected to appreciate by more than 18 percent by 2019.
- Supply of Homes are Shrinking Rapidly: Home prices are determined by the a number of factors, e.g., supply and demand and below market interest rates. Inventory of homes in the DMV have dropped tremendously from nine to ten months inventory to less than three months today. Homes that are priced at the current market value are selling faster and at top market dollar.
- Current interest rates continue to hover around the 4 percent range and expected to increase 5 percent by 2016. This gradual increase will lock a number of potential home buyers out of the market.
To provide future stability and build wealth for your family why not look into obtaining a mortgage loan now to begin the wealth building process. Within the State of Maryland alone there are many loan programs and grants that will provide down payment and closing cost assistance to help you own a home today!
The Federal Housing Authority (FHA) mortgage loans allow buyers to purchase a home with 3.5 per cent down and buyers can ask the seller to pay some or all of their closing cost. Sellers can also pay all of a veteran closing close – no questions asked!
Ask the Experts – Highly suggest that you contact a mortgage lender or give us a call for a referral to a senior mortgage officer today.
For a free market report or snapshot go to our website www.ahawkesrealtors.com and complete the request for more information form. Or, give us a call on 301-483-8073!