Based on prices, mortgage rates and soaring rents, there may have never been a better time in real estate history to purchase a home than right now. Here are five major reasons purchasers should consider buying:Â
With inventory declining in many regions, finding a home of your dreams may become more difficult going forward. There are buyers in more and more markets surprised that there is no longer a large assortment of houses to choose from. The best homes in the best locations sell first. Donâ€™t miss the opportunity to get that â€˜once-in-a-lifetimeâ€™ buy.
Prices were expected to bounce along the bottom this winter. However, many pricing indices (examples:Â CoreLogic, FHFA, LPS, Case Shiller) are reporting that prices are continuing to rise.
Rents historically increase by 3.2% on an annual basis. A study issued earlier this year projects rent increases of 4% for the next two years.Â TruliaÂ recently reported that rents this year have actually shot up by 5.4%.
TheÂ Mortgage Bankers AssociationÂ has projected that the 30-year mortgage interest rate will be 4.4% by the end of 2013. That is an increase of approximately one full point over current rates.
We would all agree that, when investing, we want to buy at the lowest price possible and hope to sell at the highest price. Housing can create family wealth as long as we follow this simple principle. Today, real estate is selling â€˜lowâ€™. Itâ€™s time to buy.
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