1. Renting isn't such a great deal. Demand for rentals the past few years has increased -- a function of foreclosures and fewer existing renters making the decision to buy. That factor is pushing up rental prices. And rental prices are expected to continue to rise.
2. Prices are not continuing to decline. From the market peak in 2006 to the huge price declines we have seen over the past few years we are now in a very stable market that seems to be picking up. So if you think you are waiting for prices to get even better it is time to stop waiting.
3. Mortgage rates are at historic lows. Assuming rates will stay where they are at, or even fall some more, seems a risky bet. Fannie Mae expects the 30-year fixed rate will rise slightly throughout 2012 to 5.4 percent or so. The 2012 forecast is 5.7 percent, more than a full percentage point above where we're at today.
4. Less competition. There may be some “tire-kickers” at open houses these days, but the market is definitely picking up. We are starting to see multiple offer situations again and homes selling a lot quicker than over the past few years. However, Springtime is historically the time when the majority of buyers really start getting serious about buying so you will be forced to compete with more buyers the longer you wait.
Put yourself in the best situation possible to get the home of your dreams at a price you want to pay and start looking today. However, when you find that home don’t waste anytime otherwise you will most likely put yourself in a competitive situation and possibly set yourself up for disappointment.
For information on the Home Buying Process or a list of some of the best deals on the market today please contact me at 402.612.6693.