{"id":9792,"date":"2018-07-24T11:11:56","date_gmt":"2018-07-24T18:11:56","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9792"},"modified":"2018-07-12T07:44:10","modified_gmt":"2018-07-12T14:44:10","slug":"good-reasons-to-buy-a-home-this-year","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/07\/good-reasons-to-buy-a-home-this-year\/","title":{"rendered":"Good Reasons to Buy A Home This Year"},"content":{"rendered":"<p style=\"text-align: justify;\">Experts are telling consumers that this year is an excellent opportunity to get started on their home search.<\/p>\n<p style=\"text-align: justify;\">An article in MagnifyMoney points out that one reason is that mortgage rates remain at historic lows, well below five percent, even despite recent increases. However, they warn the situation probably won\u2019t last, as rates are now rising steadily.<\/p>\n<p style=\"text-align: justify;\">\u201cThe housing market has been on pretty solid footing now for a number of years, and a lot of that is due to pretty affordable mortgage rates,\u201d Stijn Van Nieuwerburgh, a real estate professor at Columbia Business School, told MagnifyMoney.<\/p>\n<p style=\"text-align: justify;\">But a recent Reuters poll of 45 housing analysts predicted that the average rate for a 30-year fixed-rate mortgage in 2019 will be well above five percent. So this year represents a better chance to lock in lower borrowing costs.<\/p>\n<p style=\"text-align: justify;\">Another reason to consider buying sooner rather than later is that rising home prices probably won\u2019t let up anytime soon. The same Reuters poll forecasts home values in the U.S.\u2019s 20 largest metro areas will rise by around 5.7 percent by the end of 2018. Meanwhile the National Association of Realtors also says home prices will grow over the coming years, though it expects year-over-year growth to slow to between three and five percent.<\/p>\n<p style=\"text-align: justify;\">\u201cHomeownership is long-term prospect,\u201d said Paul Bishop, the NAR\u2019s vice president of research. \u201cSo as long as prices continue to increase at even a modest pace over the next four, five, eight, 10 years, then that equity does build up, in some cases, to quite a substantial part of someone\u2019s net worth.\u201d<\/p>\n<p style=\"text-align: justify;\">Experts also say that those hoping to wait out the inventory shortage should accept they may be in for a long wait. There were 1.85 million homes for sale across the US in May, which is 6.1 percent less than a year ago, according to NAR stats. New constructions, although rising, is unable to offset the lack of inventory as it accounts for just two percent of the market overall, Van Nieuwerburgh said.<\/p>\n<p style=\"text-align: justify;\">Buying makes sense now for many people considering doing so, but analysts warn that the time still won\u2019t be right for everyone. They say consumers should avoid buying if they\u2019re not financially or personally ready for the commitment. Buyers also need to consider their financial security and job security, Bishop said.<\/p>\n<p style=\"text-align: justify;\">\u201cUltimately, you need to ask yourself: Are you likely to be in a particular location long enough that homeownership makes sense?\u201d he said.<\/p>\n<p><a href=\"http:\/\/realtybiznews.com\/3-good-reasons-to-buy-a-home-this-year\/98749351\/\" target=\"_blank\" rel=\"noopener\">3 Good Reasons to Buy A Home This Year<\/a> by Mike Wheatley | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Experts are telling consumers that this year is an excellent opportunity to get started on their home search. An article in MagnifyMoney points out that one reason is that mortgage &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/07\/good-reasons-to-buy-a-home-this-year\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-9792","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Good Reasons to Buy A Home This Year &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/07\/good-reasons-to-buy-a-home-this-year\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Good Reasons to Buy A Home This Year &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Experts are telling consumers that this year is an excellent opportunity to get started on their home search. 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