Great Reasons to Buy a House Now
The real estate market in the U.S. today offers great opportunities for homebuyers. People seriously considering buying a new house should decide to buy it now. Here are few reasons why the real estate market now is so attractive for homebuyers:
1. This is a buyers market.
The supply is greater than the demand. Meaning, there are more new houses on the market than buyers interested in buying them. The great number of homes for sale means a wider choice of houses and house prices.
2. Interest rates are at the lowest level.
Interest rates are now at the lowest level they have ever been before. Between 1973 and 1981 they were ranking from 8.5% to 18.5 %. In 2001, they dropped to about 7% and today the rate is about 6.5%. Homebuyers are now able to buy more for less.
3. Within a year the market will improve.
Around the country, there is a constant increase in jobs and population. Soon, the number of new houses will diminish and the inventory will shrink. The demand for new houses will quickly rise along with house prices. Therefore, homebuyers should buy now since house prices are still near the bottom.
4. Wages are increasing.
According to the Department of Commerce, wages are now increasing and the market is heating up. Higher wages means a real possibility for many people to buy a new house. Low interest rates enable homebuyers purchasing a better quality house at low monthly payments.
Are you thinking about buying a new house now? If you have any questions/concerns regarding the real estate market now you may contact us or leave us a comment below.
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