Buying a new home? Why wait???
You’ve been waiting for the housing market to bottom out. You’ve been waiting for a very long time. You don’t want to buy before prices hit bottom. After all, you want an amazing deal on a house. Besides, your cousin Bob basically stole his new home and he thinks you can get an even better deal. So, who are you going to listen to? Cousin Bob, Katie Couric, or a real estate professional, that follows every aspect of the housing market? Sure you say, the agent just wants to make a commission. They don’t really care if I get a deal. In some cases, you may be right. But, with a good, experienced agent, that truly cares about their buyers, they have your back.
So why buy now? Why not wait a little longer? It’s the perfect time to buy and you may just miss the boat if you wait any longer. In our area of North Carolina, prices have been steady and even rising over the last month or so. Inventory is just plain amazing, so you will find your dream home. Sellers are willing to negotiate. You will get a bargain now. Finally, interest rates are on the rise. Just a few months back, rates on a thirty year fixed rate mortgage were at 4.25%. Now they are around 4.75%. Fannie Mae and National Association of Realtors predict rates rising to 5.4% to 5.8% by 2012. That’s a big chunk of change out of your pocket.
So, wait for home prices and mortgage rates to rise? Why?