Dreaming of owning your own home with the proverbial white picket fence? Now may just be one of the best times in years (or perhaps decades) to purchase that dream home. With interest rates at historic lows, a huge inventory of properties, and anxious sellers ready to make deals, now may just be your moment.
1.) Historically low interest rates: With interest rates hovering near 4% for a conventional 30 year fixed loan, we may see rates rise in the coming year as the economy gradually improves. Typically, the lower the interest rate means the more home you can afford to buy. By waiting further to gamble on the interest rate lowering you may just miss out on these current historically low rates. Interest rates have a long term impact on the cost of a home.
2.) Huge inventory
3.) Stabilization of the local market: With local home values at their bottom and in many instances on the rise, local experts feel confident the worst of the devaluation is behind us, easing fears of buying during a sinking market. Experts still agree home ownership is still a terrific investment depending on your local conditions.
Still sitting on the fence? Talk to a real estate agent and a lender to find out just how much house you can buy. You may be in for a pleasant surprise!
Written by Eileen Nelson, First Weber Group North Shore Office
Thanks for reading the First Weber Wisconsin real estate blog for information on why now may be the right time to buy a house in Wisconsin.
photo credit http://www.flickr.com/photos/darwinbell/392308706/