For many, homeownership represents freedom and independence; fundamentally staking a claim on their own little piece of a community. For all, homeownership is a stake in the future. Studies have shown that over time, the physical and mental health of homeowners improve due to greater stability and an elevated overall sense of contentment with life. Although recent years has seen an increase in real estate values, this year the pace has slowed. Buyers who have been waiting for the prices to stabilize finally have the chance to jump in. As home prices slowdown, more homeowners will be prompted to list their homes, giving buyers more choices. Home builders are focusing on starter and mid-range homes, which will make homes more accessible for buyers. In Northeast Indiana, the inventory is currently historically low. If you’ve been on the fence about selling your home, with so many buyers currently looking to buy, now is a great time to get it out there.
May’s employment report came in well below expectations, as stated in the recently released Freddie Mac Primary Mortgage Market Survey. According to Sean Becketti, chief economist, Freddie Mac, “This week marks the 10th consecutive week the 30-year rate has averaged under 3.7 percent, allowing an extended window for homebuyers to take advantage of these historically-low borrowing costs.” . If you have been uncertain about purchasing a home, this summer is the time to go for it, this could possibly be the best rate you will see in your lifetime.
In today’s current housing market, the faster you make the decision to purchase a home, the sooner you reap the lifetime benefits.
If you are struggling, trying to figure out where to start, having a healthy credit score and getting pre-approved for a home loan will help you establish what value of home you can afford. Lenders generally offer lower interest rates to borrowers with a stronger credit score. While a larger down payment on your home will lower your monthly mortgage payments, this year many banks have launched programs that allow people to put as little as 3% down on their new home without the cost of private mortgage insurance. If you have been waiting for the right time to move into homeownership, call us today to let us help you get started.