A strong economy and low mortgage rates make 2017 a good year to buy a new home.
Buying a home in 2017 could be a very smart move. In 2016, a high demand for homes combined with low interest rates made for a great housing market. Inventory was low, which made it a seller’s market. In 2017, the market is heating up as both mortgage rates and housing prices begin to slowly increase. For anyone sitting on the fence about buying a home, now is the time to jump in.
Housing experts expect mortgage rates to rise above 4.5% by the end of the year, which is still a great deal compared to historical norms. Home inventory is still low, but with new home construction on the rise, the market will become more balanced. More credit is available, especially with a local mortgage banker like Resource Financial Services who gives you more options and flexibility than a large bank. Many borrowers, particularly first-time homebuyers, will find it easier to find affordable financing.
Five tips for the 2017 housing market:
Buy a starter home. This is the time for first-time homebuyers to make their move. With rent rising faster than home values and mortgage rates still low, the market conditions are right. Get pre-approved for a loan so you’ll know how much home you can afford before you begin searching.
Work with the right Realtor®. Do your research and know where you want to buy. Then find a Realtor® familiar with the neighborhoods you are considering. Realtors® are trusted sources for real estate information and can give buyers the competitive advantage in a competitive housing market.
Work with a dedicated mortgage professional. The mortgage bankers at Resource Financial Services are local decision makers who can offer more options for homebuyers. With a wider range of mortgage loans than big banks and the lowest rates and best terms for your budget, we can help you afford the new home you want.
Don’t hesitate. In this market, be ready to move fast. A well-located house in good condition and priced right will sell quickly. Housing prices are beginning to increase and even though mortgage rates are still low, they will likely increase by the end of the year, which will affect your monthly mortgage payment. The sooner you buy, the better it will be for your bottom line.
Have your documents ready. Having your documents ready will help your mortgage banker complete the qualification process quickly so you are approved and your loan will close faster. Review the mortgage checklist of the documentation you will need on our website.
Resource Financial Services is here to make people’s dreams of home ownership a reality. That’s why our experienced mortgage specialists work hard to educate homebuyers about the wide variety of loan programs that can be tailored to meet individual financial needs. We offer quicker closings, same-day pre-approval, 5-Day Processing and guaranteed lower rates.
Call us today toll-free at 877.797.4545 to speak with one of our mortgage bankers or visit us online at rfsmortgage.com to learn more.