Whether you’re thinking about buying your first home or moving up to a bigger home that better accommodates all of your needs, the housing market is full of outstanding opportunities.
The biggest perk of being a homebuyer today: low mortgage rates.
You might know this, but one of the most compelling buyer incentive is the low mortgage rates. The 30-year fixed-rate is now averaging just over 3%. While that’s slightly higher than they were last year, it’s still lower than historic norms. Today’s low mortgage rates makes purchasing a home a perk for hopeful buyers.
“Positive factors like record-low interest rates and a booming housing market encouraged many families to enter homeownership. This growing bank of personal wealth that homeownership affords was noticed by many but in particular for first-time buyers who want a piece of the cake. As a result, we may see more of those currently renting start to enter the market in the near future.”
You might think that more time at home leads to wanting a larger home, but surprisingly, many homeowners are actually looking for less space. If you have a larger home and you want to downsize, today’s market is overflowing with opportunities to do so. Danielle Hale, Chief Economist at realtor.com, explains:
“In a real estate market that is tipped in the favor of sellers, boomers and older homeowners are really the ones holding the cards…Those who are selling homes can use the profits to help them buy new ones.”
Being a homeowner today, you most likely have some equity that can be put towards buying your next dream home. With the equity growth homes have seen over the last year, you may have more equity than you think, which can significantly help your next move. According to National Association of Realtors (NAR):
“Home sellers cited that they sold their homes for a median of $66,000 more than they purchased it. Sellers 22 to 30 years gained the least at $33,400 in equity compared to sellers 66 to 74 years gained $100,000 in equity as they likely had lived in their homes for a longer period of time.”
While there are many great perks to buying a home, low mortgage rates are a huge plus for today’s buyers. Although, these low rates won’t last forever! If you are in the market to buy a home, whether you’re a first-time homebuyer or a more seasoned buyer, now is a great time to buy. Connect with our team today to see how you can take advantage of today’s low mortgage rates!