3 Reasons To Buy Your Home Before Spring
Punxsutawney Phil didn't see his shadow this year, which means that he's predicting an early spring. With the forecast continuously providing tantalizing glimpses of warm spring weather, spring fever is kicking in early for many people. Many homebuyers wait until spring is officially here to begin searching for a new home at the Lake of the Ozarks, which is precisely why you should tackle your home search before spring hits. Here are a couple reasons to consider buying your new home before the spring market arrives.
#1 - Mortgage Rates Are On The Rise
Interest rates recently rose for the first time in several years, and they are expected to continue rising in the near future. Even a small increase can have a significant impact. For example, let's imagine that you take out a fixed rate mortgage loan for $200,000 for a 30-year term. If your interest rate is 3.9%, the total cost of the mortgage will end up being $339,601. If your interest is 4.1%, the total cost of the mortgage will end up being $347,903. An increase of just 0.2% ends up costing you an extra $8,302. Since interest rates are expected to continue rising, buying a house sooner than later could save you a significant amount of money.
#2 - Prices Tend To Rise With The Temperature
Many prospective homebuyers put off house shopping until spring, when the weather warms up and trundling in and out of different houses becomes much more appealing. When buyers are more active, there is greater competition for the available properties. More buyers means more competition, which in turn means that sellers can price their homes higher. In addition to heading off any rising interest rates, buying a house before spring may help you secure a lower price.
#3 - Buying Now Will Let You Be Settled In Before Summer
Buying a home is a massive undertaking. Many buyers spend up to a few months searching for the home they wish to purchase, and at least another month usually passes between the initial offer and the closing date. Even after you have closed on the property, you will have to spend several weeks (if not months) getting settled into your new home. If you wait to buy a house at the Lake of the Ozarks until spring, you could be well into summer before you're completely finished with the process. By getting started now, you'll be more likely to have everything completed in time to enjoy your summer.
Remember Arrowhead Title For All Your Title Needs!
When you are ready to buy a house, you will have to select a title insurance company at the Lake of the Ozarks to conduct a title search, provide the title insurance, and manage your escrow needs. With over twenty years at the Lake of the Ozarks, Arrowhead Title, Inc. has the skill and the expertise needed to make your transaction a success. Visit our website to learn more.
The Lake of the Ozarks' Most Trusted Title Company
#1 - Mortgage Rates Are On The Rise
Interest rates recently rose for the first time in several years, and they are expected to continue rising in the near future. Even a small increase can have a significant impact. For example, let's imagine that you take out a fixed rate mortgage loan for $200,000 for a 30-year term. If your interest rate is 3.9%, the total cost of the mortgage will end up being $339,601. If your interest is 4.1%, the total cost of the mortgage will end up being $347,903. An increase of just 0.2% ends up costing you an extra $8,302. Since interest rates are expected to continue rising, buying a house sooner than later could save you a significant amount of money.
#2 - Prices Tend To Rise With The Temperature
Many prospective homebuyers put off house shopping until spring, when the weather warms up and trundling in and out of different houses becomes much more appealing. When buyers are more active, there is greater competition for the available properties. More buyers means more competition, which in turn means that sellers can price their homes higher. In addition to heading off any rising interest rates, buying a house before spring may help you secure a lower price.#3 - Buying Now Will Let You Be Settled In Before Summer
Buying a home is a massive undertaking. Many buyers spend up to a few months searching for the home they wish to purchase, and at least another month usually passes between the initial offer and the closing date. Even after you have closed on the property, you will have to spend several weeks (if not months) getting settled into your new home. If you wait to buy a house at the Lake of the Ozarks until spring, you could be well into summer before you're completely finished with the process. By getting started now, you'll be more likely to have everything completed in time to enjoy your summer.
Remember Arrowhead Title For All Your Title Needs!
When you are ready to buy a house, you will have to select a title insurance company at the Lake of the Ozarks to conduct a title search, provide the title insurance, and manage your escrow needs. With over twenty years at the Lake of the Ozarks, Arrowhead Title, Inc. has the skill and the expertise needed to make your transaction a success. Visit our website to learn more.
The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!
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