Get Off The Fence - Beat Rising Mortgage Rates and Home Costs
February 26, 2015
If you’ve been sitting on the fence about purchasing a new home, many economic indicators and authorities in the home sales industry are predicting rising prices and rising interest rates. It’s time to get going before you look back and say, “I should have done it.” According to the National Association of Homebuilders, (NAHB) with strengthening labor markets, relatively low interest rates, and easier access to mortgages, as well as a growing demand for new homes, predictions indicate that 2015 will be a strong year for single-family home purchases. Interest rates are still hovering around all time lows, however Moody’s Analytics predicts mortgage rates will rise to 6% by 2017. When interest rates go up this reduces the amount of house you can get for your money. Whether you are buying a new home or a resale home, it always helps to be armed with a list as you search for that new home.
- How many stories do you want?
- How many bedrooms, and what will you use them for?
- What is your central focus of your home? The kitchen? The family room? Your backyard retreat?
- What neighborhood amenities are you looking for?
- How is the commute?
- How is the school system?
- Are you looking for a traditional floor plan or an open floor plan?
- Do you already know your price range?
- Have your time frame for moving in mind?
- Do you need a garage?