It’s Time to Buy
Recent surveys of renters indicate that fewer are renewing their leases and jumping in to the, buying a home mode. About 59.5 percent of tenants recently surveyed say they intend to renew their leases this year, which is the lowest rate since early 2009, according to a study by Kingsley Associates.
Is the time right? All indications are Yes, it’s time to buy a home. Prices are down to lowest in recent years. There is more competition among buyers now which tells me things are heating up. Interest rates are very low and are expected to see small bumps in the near future. More concerning in the increase in April of the FHA mortgage insurace fee of 1.75% of the loan amount. Monthly premiums have also increased slightly. As the economy improves many feel that interest rates will gradually rise. A small rise in rates won’t hurt that much but every dollar you save in interest allows you to buy more home.
I know we’ve been through tough times in the home buying market and many buyers have cold feet. There is still some fear by many buying their first home that prices have not found the bottom. We think they are close and in some areas have actually started rising slightly. In Anne Arundel County Maryland Real Estate prices have increased 2% year over year.
Before you begin the home buying process please read my Blog entiltled, “Home Buying Process” the information is very useful if you are unsure how to move forward in purchasing your first home.
I am here to help you with your purchase, I know the market, contact me to get started.
