written by Emily Merkley, association executive, Cache Rich Association of REALTORS®
If you’ve been contemplating the purchase of a home, the time to make your move is NOW! While buying a home is a big decision, waiting too long can actually hurt your chances of getting the home you need. Here’s why:
While interest rates have remained at record lows, homes in Cache Valley are appreciating. From 2017 to 2018, there was a 13.7 percent increase in the cost of a home. It may become more expensive the longer you wait. A home that would have cost $239,000 this year, could be worth $272,000 by this time next year. With no indication of the market slowing down, it’s important to make the move sooner rather than later. The added benefit of purchasing your dream home now means you too can ride the wave of increased value for your investment.
There is good news for those nervous about increasing home prices. While home values continue to rise, mortgage rates are still well below historic averages, and that gives you a great chance of getting the size and amenities you’re looking for in a home purchase. The current fixed mortgage rate is just around 4.62 percent, which can maximize your purchasing power while keeping your monthly payment affordable. Contact a REALTOR® to verify which loan programs and rates are available in your area and start the process of readying yourself for a home purchase.
A REALTOR® will help you navigate through the unfamiliar territory of home buying. They’ll suggest lenders that will best match your needs and keep you within your monthly home mortgage budget. A REALTOR® will also guide you through the preparation and application process of qualifying for a loan and help you steer clear of some common mistakes people make while trying to qualify for a loan. Homeownership is a major milestone many Americans hope to achieve in their lifetime and a REALTOR® can help you get there.
Make the move to secure your financial future with a new home today!