Although last week I posted about how a new housing bubble IS NOT forming, it is still recommended that buyers buy a house sooner rather than later due to the current market, with housing prices and interest rates on the rise.
Of course, in every purchase that someone makes, real estate related or not, they want to get the best deal. In real estate, this would mean at a great price and with the lowest interest rate you can find.
If you were waiting to hit rock bottom with housing prices, you are too late; they already have. Over the past 12 months prices have risen over 10.2% nationally and are expected to increase by 3.5% each year for the next five years. Interest rates have increased by .5% over the last six months and also hit a 1 year high, of 3.81% for a 30 year mortgage, last week. It is also predicted that they are going to continue to go up for the next year and a half.
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