4 Reasons To Buy A Home This Winter
Whether it's your first, second, or even third home, the decision to take the plunge and buy a new home is usually a little intimidating. As the homeowner, you will be responsible for keeping up with the mortgage payments and all the other expenses associated with running a household (insurance, utilities, taxes, etc). However, when you time your home purchase correctly, balancing all of these financial responsibilities becomes more manageable. Keep reading to learn why this winter might be the perfect time for you to buy a house at the Lake of the Ozarks.
1. Interest Rates Are Rising (But Still Low)
Interest rates have a huge impact on the affordability of mortgage loans. According to a survey by Freddie Mac, the average interest rate for a 30-year fixed rate mortgage is currently 4.13%. This time last year, the average rate was 3.95%. Rates are beginning to rise more swiftly, however; the average rate was 4.08% just one week ago. While these numbers are still remarkably low, experts expect rates to continue increasing over 2017, so buying sooner than later may be in your best interest financially.
2. There Is Less Competition In Winter
The most popular home buying seasons are spring and summer, when the weather is warm and buyers are energized by the prospect of new chapters and new possibilities. Conversely, the cold weather in winter, coupled with the busyness of the holidays, tends to cause most people to put the brakes on shopping for homes. If you stick with the search, you will likely have much less competition from other buyers than you would during warmer months.
3. Sellers Are More Motivated
Typically, selling your home over the holidays is less than ideal. You have to be ready to vacate your home at a moment's notice so that buyers can view it, and keeping it show-ready in the midst of Christmas parties and family gatherings is challenging to say the least. Consequently, people who do decide to sell their homes over the holidays often have great incentive to do so, such as an impending relocation due to a new job. This extra pressure may make them more likely to compromise with you, the buyer, on price and other factors.
4. Home Prices Are Going Up
As the economy continues to strengthen, home prices are rising. Keeping Current Matters quotes CoreLogic's latest report, saying that home prices have appreciated by 6.3% in the last year. The report also predicts that prices will increase another 5.2% in the coming year. The longer you wait to buy a home, the more you may have to end up paying for your new house. By jumping on the homeownership bandwagon this winter, you may be able to find a great house for an attractive price.
Buying A Home At The Lake? Consider Us Your Title & Escrow Resource!
If you are buying a home in the Tri-County Area this winter, we would be honored to serve as your Lake of the Ozarks title company and escrow officer. Our experienced title agents can guide you through the process from start to finish, and carefully facilitate the closing to ensure optimum cooperation between all parties. For more information, visit our website at www.ArrowheadTitle.com.
The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!
1. Interest Rates Are Rising (But Still Low)
Interest rates have a huge impact on the affordability of mortgage loans. According to a survey by Freddie Mac, the average interest rate for a 30-year fixed rate mortgage is currently 4.13%. This time last year, the average rate was 3.95%. Rates are beginning to rise more swiftly, however; the average rate was 4.08% just one week ago. While these numbers are still remarkably low, experts expect rates to continue increasing over 2017, so buying sooner than later may be in your best interest financially.
2. There Is Less Competition In Winter
3. Sellers Are More Motivated
Typically, selling your home over the holidays is less than ideal. You have to be ready to vacate your home at a moment's notice so that buyers can view it, and keeping it show-ready in the midst of Christmas parties and family gatherings is challenging to say the least. Consequently, people who do decide to sell their homes over the holidays often have great incentive to do so, such as an impending relocation due to a new job. This extra pressure may make them more likely to compromise with you, the buyer, on price and other factors.
4. Home Prices Are Going Up
As the economy continues to strengthen, home prices are rising. Keeping Current Matters quotes CoreLogic's latest report, saying that home prices have appreciated by 6.3% in the last year. The report also predicts that prices will increase another 5.2% in the coming year. The longer you wait to buy a home, the more you may have to end up paying for your new house. By jumping on the homeownership bandwagon this winter, you may be able to find a great house for an attractive price.
Buying A Home At The Lake? Consider Us Your Title & Escrow Resource!
If you are buying a home in the Tri-County Area this winter, we would be honored to serve as your Lake of the Ozarks title company and escrow officer. Our experienced title agents can guide you through the process from start to finish, and carefully facilitate the closing to ensure optimum cooperation between all parties. For more information, visit our website at www.ArrowheadTitle.com.
The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!
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