Shorewest Shares: Seven Reasons to Buy a House Right Now

Are you undecided on when is a good time to purchase a house? Rising rates, loosening requirements, down payment options, buyer’s markets, seller’s markets — what does it mean to you? If you are financially prepared and your credit is where it needs to be, then here are seven more reasons to buy a house right now:

Rates are low. The average market rate for mortgages has been around 5.18% since the start of the country’s history, making today’s 4% interest rates at historic lows. Imagine what it was like purchasing a house in 1980 — interest rates were almost 17%!

Loan requirements are softening. “There are different types of loans available, making it easier for people to purchase a home,” said John Inzeo, Vice President of Wisconsin Mortgage Corporation. “Contact a Wisconsin Mortgage Corporation Loan Officer today and see what you need to do to afford your dream house.”

Fewer buyers around the holidays mean less competition for you and more negotiating power. “Sellers who are actively looking to sell their homes during the holiday months are serious about shedding the weight of their residences,” said US News. “This often works in favor of savvy buyers looking to get a deal on discounted homes. Having less competition on the buyer’s side can mean lower prices on homes, in addition to fewer counter-offers to compete against.”

Rates are predicted to rise. “The Mortgage Bankers Association expects the average rate on a 30-year, fixed rate mortgage to rise slowly to 5.1% by the end of 2015,” said the Washington Post.

Pent-up demand could zap affordability. Many young professionals had to move back in with their parents during the recession. These future buyers have saved up money for a larger down payment, causing a bidding war if current homes on the market have multiple offers.