Why Now May Be the Best Time to Buy

 

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Have you been thinking more seriously about finally purchasing that home in northern Michigan?  Or maybe it's just time to move beyond the starter home into something that will meet the needs of your growing family? 

Well here are a few reasons why now might be the time to make that move.

1. Analysts expect mortgage rates to rise by the end of the year.  While rates are still low, many expect that as the housing market continues to recover, the mortgage rates will begin to rise.  This could start happening before the end of the year.  ABC News recently posted this article that explains why some economists think now is the best time to buy.

2. Home prices are increasing. While every market is different, folks across the nation are starting to see the values of their homes begin to increase.  According to an article posted on Housingwire, Morgan Stanley analysts estimate that home prices will appreciate roughly 7% in 2013, 5% in 2014, and 4% in 2015. 

 Why are prices starting to rise?  This can be attributed to a couple factors - improving consumer confidence and a lack of inventory (many are waiting to list their homes until the value fully returns). 

Gone are the days of the low hanging fruit.  You know what I mean - almost everyday I get calls from people looking to nab those foreclosure properties that were so prevalent a couple years ago, or find that "steal" on their favorite lake.  I'm not saying that they can't still be found, but they are definitely not as common as they once were.

Not long ago a potential buyer could take their time putting in an offer on their dream home and not expect any competition.  The reality of the situation is that in certain markets, multiple offers are becoming the norm again.  As competition increases, so do home values. 

So if you happen to find the perfect home that meets your criteria and is priced within your budget, you may want to consider making your move while the cards are still stacked in your favor.

For more information or to learn about real estate opportunities in northern Michigan, contact Gina Render at gina@homewaters.net.

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