A Multi-Family Home

Still Waiting For The Perfect Opportunity? 3 Reasons Right Now Is The Right Time To Buy A Home

by Arnold Gomez

If you've been postponing the purchase of a new home because you want to wait for the perfect opportunity, now's the time to act. There may never be a better opportunity to get in on the housing market, and enjoy the pride of home ownership. If you've got everything in order, including the down payment, you need to start looking at homes for sale. If you're still not sure, here are three important reasons why now is the best time to buy a home.

Rent Prices Are Increasing

If you've been looking at the current rent prices in your area, you might have noticed that they're going up. The fact is that rent prices are going up all across the United States. That means you'll be paying more wherever you decide to rent. Unfortunately, when you rent, you have to expect that your monthly rental costs will go up about once a year anyway. That's because most landlords adjust their rents to account for cost of living increases, and inflation. With rental prices increasing across the board, you owe it to yourself to buy a home. You won't need to worry about inflation causing your rent to increase ever again.

Housing Prices Are Increasing Too

While you've been monitoring the rental prices in your area, you might have also noticed that the prices are going up on homes that are for sale too. While home prices are still at a good rate right now, if the current trend holds steady, if you wait much longer, you'll be paying much more for your home. Purchasing a home now, while prices are still low, you'll get more home for your dollar. You might even be able to buy a home that's bigger than what you anticipated.

Interest Rates for Mortgages Are Low

Interest rates for new mortgages are quite low right now, but they're not going to stay that way forever. In fact, mortgage rates will probably start going up soon. Unfortunately, once the interest rates go up, so will the cost of financing your home. That means your monthly payments will go up, or you'll need to offset the increase with a larger down payment. By getting into the housing market while the interest rates are low, you'll be able to enjoy a couple of benefits. First, your monthly payments will be lower. Second, since your payments will be lower, you'll be able to afford a more expensive house if you wanted to.