Shorewest Shares: Five Reasons to Buy a Home Right Now

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Now is a great time to buy a home. The market is heating up and interest rates are still low.

The Milwaukee region is forecasted to outpace the rest of the nation with a 4.9% increase in home values, according to the Clear Capital’s Home Data Index Market Report. Homes are being sold fast — with multiple offers, sometimes even over asking price.

Here are five reasons to buy a home right now:

1. More jobs are available. Modest state job growth is helping keep the homeownership dream alive for many families. Wisconsin’s unemployment dropped to 4.8% in February, the lowest point since the middle of 2008. The ideal time to buy is now — with imminent interest rate hikes on the horizon.

2. Housing price gains are slowing. Comparing the winter months of 2014 to the winter months of 2015, home sales are up 1.2%. The statewide median price rose to $137,900 in February, which is a 6.1% increase compared to February 2015. Buy now while the prices are still low!

3. Mortgage interest rates are still low. According to Freddie Mac, the lowest that the mortgage interest rates have been in modern history (since 1971) was in November and December at 3.35%. As mortgage rates start to increase, now is the best time to take advantage of the low rates.

4. Pent-up demand ready to release. Economists with Harvard’s Center for Joint Housing Studies predict that the annual range of U.S. household growth should average 1.4 to 1.5 million over the coming decade. With the largest generation of Baby Boomers, the numbers should be closer to 2.3% annual growth.

5. Buy VS rent ratios. As rents continue to rise, in many cases, it’s more affordable to buy a house. Interest rates are still low, making your monthly payments lower than rent in most places.

When you’re ready to buy or sell your home, contact a Shorewest Agent today.

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Categories: Home Buying

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