4 Reasons to Buy a Home Now

If you’ve been on the fence about buying a new home, now is the perfect time to take the plunge and find that dream home you’ve always wanted. Here are a few reasons why you should consider purchasing a home sooner rather than later:

1. Interests rates are rising
Experts predict that mortgages rates will steadily rise in 2014, and continue to rise well into 2015. An increase in interest rates could also mean an increased monthly payment on your mortgage, so it may make sense to buy this year before rates get even higher.

2. Home prices are on an upward swing
Home prices are expected to rise slowly in 2014, and if the economy continues to rebound, prices will rise more steeply after 2014. So this year may be the perfect time to purchase a home. Buyers also have to consider how rising home prices may affect their ability to purchase a home if they wait.  Higher House Prices = a need for a larger Down Payment and Higher Monthly Mortgage Payments

3. New mortgage qualifying rules protect borrowers
New mortgage rules went into effect in the U.S. on January 10, 2014. These rules were created to help ensure that when borrowers are financed for a mortgage, they will be able to pay back the loan. Even though some people argue that it’s harder to get a loan, the new rules make it the most secure time to get a mortgage.

4. Fewer buyers means less competition
Sellers want to sell quickly, but many people are delaying buying until later in the year. This is ideal because there won’t be as many buyers vying for the same house. Sellers may be more willing to negotiate in order to keep your interest and improve their chances of making a sale.