1) Interest rates are historically low.
Mortgage interest rates are nice and low, meaning you likely won’t find a better time to take out that 15- or 30-year mortgage loan. Those lower-than-normal monthly payments mean your house-buying budget is bigger, too, if you’re looking to upgrade to a larger home or a pricier location.
30-year fixed-rate mortgages are hovering at around 3.4%, while those for 15-year-fixed rate mortgages are standing at around 2.5%. But those rates are expected to steadily move upward as the year progresses, so the sooner you can lock in a rate, the better. Keep in mind, rates are always changing – by the time you read this post from the time it publishes the rates mentioned above could change. Here’s more information about how and why this occurs.
2) You can sell your current home at a solid profit now.
With nationwide housing inventory declining nearly 30% by the end of 2020, demand for housing far outweighs current supply. That means if you already own a home and are looking to upgrade to a newer or larger one, you’re in the best seller’s market in years. But it won’t last forever. The National Association of Realtors (NAR) predicts housing inventory will gradually expand this spring, so the sooner you can get your current home on the market, the more likely you are to make a solid return when you sell. That means more funds for that down payment on your next home.
Schedule a time to speak with our Team today about your home buying goals here in Southwest FL at MillionDollarFloridaTeam.com