Now is basically the perfect time to buy a home. Let's take a look at the 5 economic factors that make it so.
Year-over-year job growth is up 1.88 percent, which in turn means consumer confidence is up as well. More people are able to afford homes, which increases the demand. Increased demand means increased prices due to an influx of interested parties so get going before they get too high!
Currently, interest rates are below 4 percent. In case you didn't know, thats insanely low! If you're planning to buy a home, now is the time! Also, if you already own a home now is a good time to refinance. If you have a rate over 4 percent and have been in your home for five or more years, consider it.
Prices are already increasing. November 2015 marked a 5.1 increase in pricing. As prices rise, so does the demand for housing. More people want to capitalize on the lower costs before they skyrocket. Don't panic, but do get in gear. The sooner you buy a home, the better "bang for your buck" you will receive.
Fuel costs are down. Cheap energy means that more people can afford higher mortgage payments. In Massachusetts right now, the average cost for gas is... $1.8/gallon! That's only a fraction of what it was a few years ago. Less money going toward electric and gas bills means more money in the bank toward a monthly mortgage payment.
Over the past 10 years, the Internet has become the backbone of real estate. New platforms and tools make it easier than very for the agent and client to operate seamlessly. It's easier and more intuitive than ever.
According to a top economist, a 4.9 percent increase in home sales and a bump in values are on the horizon. Planning the right time to buy is "like planting a tree. The quicker you plant a tree, the bigger it grows."
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