Getting a good price for your next home is important and so finding the best time to start the buying process. It turns out that 2014 is a great year to buy your dream home. The pricing of a house is not exactly as it may seem. To find the full price of your home you need to factor in down payment, financing, the mortgage rate, and interest. Research shows that all interest and mortgage rates are rising as time goes on so buying your home now can end up saving you a whole lot of money in the long run.
Discovering the affordability of homes yearly is an important process that realtors engage in and is referred to as the housing affordability index. Experts factor in mortgage rates, income data, and housing values to find out the affordability of homes for the average family. Thanks to this research we have found that buying a home 2014 is at least 30% more affordable now than it was in past years.
What home buyers can take from this is that the time to buy is now. It is assumed that mortgage rates and interest rates will begin to climb as the economy changes. Thankfully the increase in pricing is slowly down so it would be best to buy an affordable home now to take advantage of the current situation.
A future rise in mortgage rates and prices for housing does not mean you should rush into buying your new home. But if you have been thinking about selling your home and finally buying the home of your dreams, it can be that final push to get you started.
The Barr Team can help you find the best houses that the Southern California market has to offer. We are a team of top agents committed to great customer service. Contact us today to get started on the buying or selling of your home.