The recovery of housing market in the new year has been remarkable. Many experts agree that the resurgence of the national economic downturn is working extremely well for real estate, and current market conditions really make this winter an ideal time to move on. Here’s a dive into some of the biggest wins for home buyers this season.
1. Mortgage Rates Historically Low
In 2020, mortgage rates reached 16-times lowest historical values. Continued low rates have set buyers up for significant long-term gains. In fact, realtor.com notes:
“This means that homes could cost perhaps tens of thousands less over the life of the loan.”
It is basically less expensive to borrow money for a home loan today than it was years past. Although mortgage rates are expected to remain relatively low in 2021, even the slightest increase can make a big difference in your payments over the life of a home loan. So this is a huge opportunity to capitalize right now before mortgage rates start.
2. Stock Grows
According to John Burns Consulting, 58.7% of households in the United States have at least 60% equity, and 42.1% of all households in this country are mortgage-free, meaning they are free and clear.
In addition, CoreLogic note the average equality homeowners have won since last year is $ 17,000. That’s a huge amount of forced savings for homeowners, and an opportunity to use this growing equity to relocate to a home that’s right for your changing needs this season.
3. Home Prices Thank you
According to leading experts, home prices are expected to continue to appreciate. Today many experts are projecting more moderate home price growth than last year, but still moving upward through 2021.
Knowing that home values are rising while mortgage rates are so low should help you feel confident that buying a home before prices go up is a strong long-term investment.
4. There Are Not Enough Homes For Sale
Making a move while so many buyers are looking for affordable homes can mean your house is rising to the top of the buying pool. Selling your house before more listings come to market in the traditionally busy spring market might be your best chance to shine.
If you’re thinking of making a move, this may be your time, especially with today’s low mortgage rates and limited inventory. Let’s connect so you can set up a home buying success in the new year.
Content previously posted in Keep Current Things