There's always good and bad reasons to buy depending on the time of year and the market but if you've been on the fence wondering if things are going to get better, worse, or stay the same, I'm here to give you seven reasons that you should probably buy a house now rather than wait.
#1. Rents are rising at a faster pace than home prices, especially in places like Portland and surrounding communities. Vancouver is a little less expensive when it comes to renting, but, that will continue to go up.
#2. Mortgage rates are still favorably low. You can still get a great rate and considering that in the 1980s interest rates were 12% or more, a 4% interest rate sounds pretty attractive.
#3. In most areas, it's still cheaper to buy than to rent. Think of it this way. Would you rather put $2000 toward someone else's mortgage in a rental payment or toward your own mortgage payment? You are saving for the future and saving your equity.
#4. We are starting to see the end of low mortgage rates and moderate prices. Things are starting to creep up so now is the best time to buy because if you wait any longer, rates and home prices will just continue to rise.
#5. Personal income is starting to rise again. Wages are increasing, people are getting bonuses and raises, and the job market is booming. It's a great time to get in on the housing market even if you already own and are planning to buy a rental property.
#6. Housing demand still exceeds supply so if you wait it may be harder to find a home at the price you can afford.
#7. Millennial's, the largest cohort in history, are reaching their peak homebuying years, which could further tighten the supply of homes for sale. This means that our absorption rate will continue to drop. There will be fewer homes on the market which will naturally increase their price.
So has any of these reasons prompted you to buy? If so start on my website or give me a call and I will connect you with one of our lenders for free. We work with a great team of real estate advisors and consultants to help you find the right house, the right loan, and at the right price.
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