The current market is considered to be a seller’s market due to the increasing demand for homes and the shortage of homes available. As prices continue to rise for real estate, it is a good idea to consider buying a home soon before they are out of your price range. If you want to know more reasons why now is a great time to buy a home, continue reading.
Interest Rates Remain Low
The low-interest rates currently available through various banks and financial institutions can allow you to lock in a lower rate and pay a lower mortgage. This will also help you to save thousands of dollars on interest during the length of the loan. Fortunately, there is a high chance that the rates will continue to be lower than in past years.
Home Values Will Likely Increase
It is the perfect time to invest in real estate since financial experts predict the real estate market will continue to remain hot, causing home values to rise. This can allow you to pay less now for a property that will likely be priced higher in the next year. In 2021, home prices are expected to increase by 5.9%, which is slightly less than in 2020.
Demand is High
There is a high demand for housing right now, which means it can take some time to win a bidding war and have your offer accepted when you are competing with other buyers. It can require patience to find properties that fit within your budget and have just what you are looking for, which is why now is the right time to start looking around.
Rent Continues to Increase
Due to the housing shortage and rise in home values, it is causing rental properties to become more expensive. Therefore, you could end up spending more on rent than you can afford, making it necessary to own a home to have a consistent mortgage payment that does not increase over time.
Understanding the different factors of the real estate market can allow you to understand why now is the best time to buy a home. You will not only have pride in homeownership, but you can also look forward to the benefits of making the financial investment and settling down long-term.
If you’re looking to invest in a Long Island property, contact Lynx Mortgage Bank LLC to guide you through the process of obtaining a mortgage. Our team of experts are with you every step of the way.