The Federal Reserve recently decided to keep interest rates low as they wait for more concrete signs that the economy will continue to improve. Now, talking about all the factors that go into a FED decision will get very complicated very fast, all that matters is that now is a great time to buy a house.
With interest rates at an all-time low and home prices rising jumping into the market now before both go higher is one of the better investments you can make. Currently, mortgage rates are hovering around 4% and below. Depending on a few factors you can get a good deal especially if you’re purchasing your first home.
Are You Ready?
That said, just because now’s the best time to jump in doesn’t mean you should go in blind. Buying a home is a huge commitment and it involves stability on multiple fronts before it can happen.
You need to make sure you have a steady job and source of income so you’re able to make payments and secure a good mortgage rate. You also need to do a lot of research. The housing market is fickle and can change on a whim, taking things like location into account can make a big difference when making a choice.
While true, low interest rates can make buying a home easier and a bit more attractive it is not the deciding factor when entering the market. Small changes in interest rates make small impacts in your payments and really only affect the ease of getting a loan.
Consider how long you’re going to stay in your new home and how much house you want. Make sure you and your family are financially and emotionally stable enough for a move and do not overstep your means.
Buying a home is a big decision, but given the recent environment in the market it can be an extremely wise one. We at Mason & Company Realtors understand the needs of families and business alike and will work with you to find the perfect property. If you would like to learn more about what we have on offer, drop us a note or give us a call at 956.423.4444.