As we head into the spring here are some things to ponder…
If you can find the right home at a price you can afford, there is no better time to buy than now. Why now you ask?
Home prices are continuing to rise and interest rates are lower than anyone anticipated. I for one predicted a year ago, interest rates would be near 5%. They are currently just under 4. The low interest rates give you increased buying power and buying now will allow you to benefit from the continued appreciation in home values. It goes without saying if you can buy, you create a fixed monthly cost without the worry of your rent regularly being raised which is happening throughout the Charlottesville/Central Virginia Area. There are at several reasons for this statement. 1st time buyers find it hard to find a home they can afford. There is a continuing misconception that you need a lot of cash for a down payment. Jay Domenic from Movement Mortgage shared recently, “It’s a great time to buy because the low interest rates have increased borrowing power. In addition, there are great low and no downpayment loan programs available to help first time buyers.” Finally Eastern Management’s Chuck Rotgin shared with me recently,”Perhaps, a more complete look at escalating rents would put most of the blame on increased operating costs, particularly labor and, especially, real estate taxes.
Rotgin’s quote cost of labor and materials. Rent increases are also needed to keep up w/operating cost increases and to allow for sufficient reserves for capital repairs and replacements in order to maintain high quality apartment living options.”
All of these factors should at least make one consider is this the right time for me to buy a home? I would recommend you start 1st with finding a local lender who can help make sure you can qualify. Once this is determined, reach out to a Realtor who can guide you through the process of finding the right home at the right price for you.
For a quick overview of what is written here, click on the following link to check out these ideas as well as some other thoughts regarding whether you should
refinance give the lower interest rates.
If you need assistance with buying or selling a home, please reach out via email firstname.lastname@example.org or by calling 434-951-5124.