You have saved up for a down payment. You have scoured the biggest home listing in town and you have found some prospective properties. Indeed, you are ready to buy. But one question still lingers: Is it the best time to buy?
If you are planning to buy a new house, Scottsdale, AZ? The best time to do it is NOW. Why? Because of better interest rates. As of the moment, interest rates are relatively low, but various indicators suggest that it could go significantly higher in the next few years. Truly, now is the best time to look for a loan and buy your dream property while the interest rates are low. Do it today before rates become too high that you can no longer afford it.
Here are some things you need to know about interest rates:
- Majority of home buyers need to get a loan when buying a new house. It is highly likely that you need it too. Apply for a mortgage loan to take advantage of low interest rates.
- It is imperative that you check out 30-year fixed mortgage rates prior to house purchase; 30-year mortgage rate sits at 4.5% these days.
- Mortgage rates fluctuate and that is why timing is really important to get your dream house.
- As of the moment, the mortgage market environment has kept home buying affordable, despite the fact that home prices are rising not just in Arizona, but across the country.
- Back in 2007, the interest rate went as high as 6.4% compared to around 4.5% this year – imagine how interest rates change in just a relatively short span of time.
What the best months to buy?
Apart from mortgage rates, seasons also influence home buying. The reason is pretty basic – supply and demand. So, keep an eye on the best season of a year prior to purchase, and here are some insights that you might consider useful:
- History has shown that the best time in a year to purchase a new house is between the late fall and early winter. Again, this is due to supply and demand.
- Starter home inventory increase 7% between the month of October and November.
- Inventory drops in popular moving months, such as the spring and summer; the lack of inventory affects the price by making it more expensive.
- It is an intelligent move to find prospective properties in the fall and then wait until winter to make an offer.
Have more questions about getting the best deal on mortgage? Contact HomePlus today at: 800-810-PLUS (7587)