Some Highlights: Existing home sales are currently at an annual pace of 5.81 million, the highest pace since December 2006. The inventory of existing homes for sale has dropped
Dont Wait Move Up To Your Dream Home Now
Now that the housing market has stabilized, more and more homeowners are considering moving up to the home they have always dreamed of. Prices are still below those of a few years ago and interest rates have stayed near historic lows. Sellers should realize that waiting to make the move when mortgage rates are projected to increase probably doesn't make sense. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain budget for your monthly housing costs.
Here is a chart detailing this point:
According toFreddie Mac,the current 30-year fixed rate iscurrently around 3.75%.With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5%(in this example, by $10,000).Freddie Macpredictsthat mortgage rates will be closer to 4.7% by this time next year.
Act now to get the most house for your hard-earned money.
John Faber has lived in West Michigan his entire life and with strong family ties in the area, he takes his clients' needs to heart and treats them like family when helping them buy or sell a home. J....