So. You have been putting off buying a home in hopes that more homes will come on the market; or maybe you’ve been hoping rates would go even lower. Well, my friend, the wait is over. No more sitting on the fence; or at least, if you do, you are informed of what the future could hold for you.
1. Rates are moving up. Rates for conventional loans moved up again today. Some have said this is the fourth worst day in the last ten years. Specialists think we hit the bottom and are now bouncing up, and don’t see a stop anytime soon.
2. Home prices are stabilizing. Single-family home sales declined in the Austin-Round Rock area and Williamson County in October 2016, and yet the median prices of homes have increased. This may be due to the number of new homes being built. Regardless, there’s no indication that prices are slipping.
3. Tax rates are unknown. Depending on which local election bonds are being passed, rates could go up.
You could look at this is a good thing: you now know that this is a great time to buy a home. Or sell a home (since you’ll most likely need to buy one afterwards). Mortgage rates are still some of the lowest we’ve ever seen. Home prices and tax rates still have room to rise. What are you waiting for? You need aREALTOR who knows the market. Call me! Let’s get you in a home today! (Ask me about my move-up and downsize specials)
Sources: http://www.mortgagenewsdaily.com/consumer_rates/680306.aspx, https://www.washingtonpost.com/news/where-we-live/wp/2016/11/17/mortgage-rates-spike-to-near-yearly-highs-following-trump-victory/