If you have been searching for a home within the past year, you probably noticed that home prices are slowly rising along with mortgage interest rates, making 2014 the time to buy a home.
In the past year, mortgage interest rates have risen from about 3.5% to 4.5% and are approaching 5%. While it may not seem like much of a difference, you would be surprised by the amount you are spending yearly on interest. If you didn’t buy when interest rates were as low as 3.5%, don’t kick yourself. Even an interest rate of 5% is great compared to what they were years ago. In the 1980’s, mortgage interest rates were a whopping 18%!
Although home prices are rising slightly, it is still a great time to buy. Because home prices are rising, there will be more inventory to choose from and you are more likely to find what you are looking for, and still at a great price.
So stop putting your home search off and waiting for the perfect time, because interest rates might never be this low again! Contact us if you are interested in buying or selling your home this year.