On the fence about buying a home this year? Great – this article is specifically designed for you. And I’m going to try and make this a very simple article with memorable info that you retain and pass along to your friends and family.
Let me just start off with a clear and specific piece of advice: You should buy a home this year. It doesn’t matter if you are a first-time home buyer, moving up, downsizing or investing – if you have been thinking about buying a home and are on the fence consider this your nudge.
Here are the five best reasons I can think of that you should buy a home this year:
1. Home Prices Are Increasing
A quick look at month-to-month sales data in sample areas shows us that prices are increasing at a steady clip. For example in the South Nashville Lenox Village community sale prices of single family homes have increased 3% from the summer/fall of 2012 to the winter/spring of 2013. Projections are that the rest of spring, summer and fall will show steady increases in price. It’s best to get in now with a home purchase that is on the lower end of the price spectrum.
2. Interest Rates Are Increasing
At this point last year a 30 year conventional mortgage was around 3.15%. Now the interest rates are around 3.75%. No, that is not bad, but is an indicator of the trend. And the trend is up, up and away. It will still be a while before we hit that magical 6%, but trust me – it’s coming. Better to take advantage of the low rates now before you get priced out of your current purchase price point.
3. Markets Are Rebounding
If you live in the Nashville area it is no secret that the market is rebounding. In some areas and price points the market is absolutely on fire – Crieve Hall under $300K, West Meade under $350K, parts of East Nashville, Oak Hill under $450K, Brentwood under $450K, Franklin under $350K – these markets are burning up. The pent up supply of buyers finally burst through this year and have turned the market into a seller’s dream.
Multiple offers, pre-sales, no days on the market are commonplace right now. But some seller’s haven’t gotten with the program yet and some homes are under priced. This time next year that won’t be the case. Take advantage of the transitioning market…you just might find the deal of a lifetime.
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