Updated: Mar 4, 2020
So, let’s evaluate where the market is right now. We’re kicking off the month of April with mortgage rates taking the biggest plunge in a decade! That’s right! The first quarter closed out this past week with Freddie Mac reporting the largest one-week drop in 10 years.
So, what does that mean for you as a home buyer? Well, it means you’ll be able to afford more house than what was predicted for 2019. Despite gloomy predictions for the economy towards the end of 2018, the economy appears to be continuing its growth and there’s no slow-down in sight.
The Federal Reserve originally predicted a few percentage hikes for 2019, but have walked back those decisions based on what we’re still seeing.
So, it’s a good time to check in with your lender and make sure you’re getting the lowest rate possible and get it locked in for the next several months!
Once you get your rate locked in, make sure to stay on top of the housing market! Because what WE’RE seeing in the market right now is LOW INVENTORY! So, the demand is high but the number of homes available isn’t meeting the demand. And you’ll run into even stiffer competition if you continue to postpone your home buying decision.
As the demand continues to grow, the more folks jump into the market looking for homes to purchase, the smaller YOUR pool of homes will be. And you won’t have as much time to consider the homes before making an offer on the one you love. In a competitive market, if you don’t make an offer on a home right when you decide you are ready to, you could easily miss your opportunity on that home.
So, if you see a home that speaks to you, it’s best to make your offer as soon as possible.
Now is the time to get out there and find your new home! Get in now while the rates are lower and before home prices start to slide upward again. Prices are holding steady for now, but that will not last long. As we get closer to summer and the official start to PCS season, those prices could go up!
So, now is the PERFECT time to get started on your home buying process!
If you’re ready to take that next step, I’d love to help you! Reach out to me here. I want to help you reach your home buying goals this year!