With the housing market continuing to stabilize, you may be considering taking the plunge and buying a home in Encinitas. Now is the perfect time to get off the fence, and commit to buying a home.
Mortgage Rates are Still Low
When we were in the recession, rates on 30-year fixed rate loans were at an average of 4.32%. Today, rates are still close to that, even now that the recession is over. From here, prices are only expected to go up, especially with the Federal Reserve expected to end the bond-buying program, which was responsible for lowering mortgage rates to all-time lows.
Even though rates are unlikely to skyrocket immediately, it could save you quite a bit of money to take advantage of the current mortgage rates before they begin to climb.
Home Prices are Still Affordable
Prices on homes are still 11% below their peak in 2007. And home buying is more affordable today than ever before. According to analysis from Zillow, U.S. homebuyers spent 15.3% of their income on a mortgage at the end of the second quarter. This is considerably less than the 22.1% spent on mortgages 5 years ago. This puts potential homebuyers at a distinct advantage, but the situation won’t last forever.
Buying is Still Cheaper than Renting
Buying a house is one of the biggest expenses you can make, but overall it is still cheaper than renting. In most of the country, buying a home beats out renting after only 2 years. One of the major reasons for this is the escalating price of rental properties, which continue to climb. Rent won’t be getting any cheaper, so now is the perfect time to take advantage of the situation, and buy a home in Encinitas!
As the #1 realtor in Encinitas, I will help you take advantage of the current market, and find your dream home. Contact me today, because there has never been a better time to discover the joys of homeownership.