Now is the perfect time to buy a home. There are several reasons why.
If you are thinking of buying a home, now is a great time to do so, and I recommend acting quickly—there are several reasons why.
First, mortgage rates are historically low. We all know that, but how low, exactly? I am seeing them dip below 3%. In fact, 2.75% is commonplace, and I am seeing them go even lower than that. This will not last forever, though. As the economy rebounds, rates will inevitably rise again. To put that into perspective, a 0.25% rate increase translates to a 3% increase in your mortgage payment. Move quickly if you want to lock in these savings.
Second, buyers need more space. Many people out there are looking for bigger, better homes to accommodate the ‘new normal’ ushered in by the pandemic. Also, inbound migration has caused competition for larger homes in the Triangle to grow exponentially.
“Now is the perfect time to buy a new home.”
Furthermore, homeowners are refinancing their homes to lower rates, meaning there are far fewer new homes on the market, and that will not change in the next several months. With the increased competition for the homes that are already on the market, if you wait to buy, it will only cost you more.
The bottom line is that now is the perfect time to buy a new home. All the leading experts are in agreement: Do not wait any longer to close on your new home.
If you need help finding a bigger, better home for you and your family or have any real estate questions at all, feel free to call or email me. I look forward to hearing from you.
