Summer is usually the housing industry’s busy season for good reason, but a few things could make 2017 one of the best opportunities to buy for a long time.
An interesting trend this year? Tightening housing markets. Across the country, inventory has started to drop, and experts don’t see that changing any time soon, thanks to baby boomers choosing not to sell and developers responding slowly. If you really want options, summer is your best chance to find them.
Buying a house and moving when the kids are out of school makes a lot of sense for families. It keeps children from missing too much school and gives them the opportunity to adjust before starting back up. Even if you don’t have children, the increased activity in the market from families selling, buying, and moving opens up opportunities–so keep any eye out.
When supply is tight and demand is high, prices rise. While it’s always possible for them to dip again, industry experts say that is unlikely to happen in the near future. So, if you’re hoping to buy over the next few years, this summer is your best chance before prices creep higher.
If you live northern parts of the country, then you know that for half the year outdoor work gets unpleasant. If you’re buying a fixer upper—or even just doing the moving on your own—summer and early fall offer you the most daylight and the best weather for getting the job done.
After years of low interest rates, it’s hard to believe that they used to routinely hit double digits—or that they could again. Right now, interest rates are still historically quite low. But they’ve already spiked twice so far this year, and most industry experts expect to see that rising trend continue throughout the rest of 2017 and into 2018.
Your interest rate will depend on several personal factors like credit score and debt levels. Contact a Wallick & Volk Mortgage Professional for more information. www.wvmb.com.