Thinking About Buying a Home-Do It Now.

There are three important reasons to consider buying a home now.

1. Prices in most of greater Lansing are rising and are expected to continue to rise. Average selling prices historically appreciate at about 3.5% a year but a recent national Home Price Expectation Survey showed that the most optimistic members of this panel of over 100 housing market experts project appreciation of 32.8% over the next five years.

There is no question that the bottom of the market is long gone but there is still room for considerable price appreciation when comparing today's prices to the peak in 2005-2006. Market timers have missed the bottom and waiting to buy for any hope of lower prices does not make any sense.

2. Mortgage interest rates are on the rise. Freddie Mac recently reported that rates for 30 year fixed mortgages have risen about one full percentage point from the lows hit last year. All the GSEs, the Mortgage Bankers Association, and the National Association of REALTORS expect interest rates to be between 4.8 and 5.1 percent by next summer.

An interest rate increase will have a lasting effect on the cost of home ownership and the opportunity exists right now to lock in rates that are still at historic lows.

3. Home ownership and the positive lifestyle it offers as well as it being the primary engine for wealth accumulation for most of us, makes this the time to make a move to a better life going forward. 

‘Now's The Time To Make Your Move’