On the fence about buying a home?
According to the National Association of Realtors' 2017 Profile of Home Buyers and Sellers, only 34% of home buyers were first-time buyers in 2017, which is lower than the norm. Trying to buy a home on your own isn't easy. Working with an experienced Buyer's agent helps.
Here are 3 things to know to help you get off the fence about buying a home right now.
1. Interest Rates.
They're still lower and definitely lower than the 80's, 90's and 2000's. Economists predict that rates will rise but remain moderate, not reaching historical high's. Why wait?
2. Home Price Hikes.
Inventory shortages lead to rising home prices. Currently, there is an overall lack of inventory in most Bay Area markets. It's hard to predict the end of this seller's market. Money you may pay in rent could be made toward a mortgage. Crunch the numbers to see if owning vs. renting makes financial sense.
3. ALL the Expenses.
Poor credit, down payment, the costs of the sale. Navigating these obstacles to home ownership may be easier than you think. The average credit score for FHA borrowers decreased to 676 in 2017. Get a referral to a mortgage broker who will walk you through qualification.
The easiest way to approach buying a home is to work with an experienced Buyer's Agent to pave the way for you, right from the start.
Next Level East Bay Real Estate Representation!
Patty Rogers, Broker Associate BRE#00669968, The Grubb Co. Realtors.
Doing business by referral.
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