1. Mortgage Interest Rates Are Expected to Increase Soon – Rates are still relatively low, but are definitely on the rise. This means that home loans are currently extremely cheap! In some areas, your mortgage payment could be less than your rent!
2. Real Estate Prices Are On the Rise – In our market, construction expenses are rising due to an increase in lumber costs and inventory continues to be limited. As prices rise, more and more people are realizing the time to buy is now, so the quicker you purchase a home, the more home you can afford before values go up. Buy now while you can still afford the home of your dreams.
3. Oil Prices Are Expected to Swell – As oil prices rise, so do asking prices for homes. Our market is particularly susceptible to the effects of the oil industry, so now is the time to buy before home prices really jump.
4. Real Estate is a Great Long-Term Investment – Real estate is a good, long-term investment. House prices tend to rise over time; a home purchase is one of the best investments you can make. In addition, the interest paid is deductible.
5. The High Volume of Renters – There are a lot of primary and vacation home renters in this market, making it optimal for investors to buy rental properties with the potential to offset all or part of the mortgage payment. With the on-going low supply and high demand of rental units, rental rates are continuing to rise, and there is no sign of that stopping.
5. The Short Sale Market – The short sale market in many areas has also created some great opportunities for getting a non-foreclosure home at a great price.
7. Have Peace of Mind by Owning Your Own Home – Owning your own home gives the owner and their family a sense of security and stability. No more worrying about crazy landlords or rent increases, you’ll be able to live in your home for as long as you like and have a fixed payment.
Buying a home is like planting a tree. The quicker you plant a tree, the bigger it grows. In this current marketplace, the faster you become a homeowner, the sooner you reap the benefits.