Time to Make that Move Up Buy is Now.
There are two basic reasons for this:
+ First, home prices have not increased a lot in many areas in Delco and Chesco.
+ Second, despite at least 24 monthly forecasts that said interest rates are going to rise (including my forecasts, by the way), mortgage interest rates are still below 4%.
And, you still do not need a big down payment or a sterling credit score to qualify. 3% down and a 580 credit score can get you an FHA loan. If you are a veteran, you can qualify with no down payment.
For either a first time buyer or the move up buyer, there will never be a better opportunity during our home buying lifetime than right now.
Now that the housing market has stabilized, more and more homeowners are considering moving up to the home they have always dreamed of. Prices are still below those of a few years ago and interest rates have stayed near historic lows.
Sellers should realize that waiting to make the move when mortgage rates are projected to increase probably doesn’t make sense. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain budget for your monthly housing costs.
Here is a chart detailing this point:
According to Freddie Mac, the current 30-year fixed rate is currently around 3.75%. With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5% (in this example, by $10,000).
Freddie Mac predicts that mortgage rates will be closer to 4.7% by this time next year.
Act now to get the most house for your hard-earned money.
LIKE MORE INFORMATION, TEXT TO 484-574-4088 OR USE THE REAL PING BOX ON THE SITE.