• Why First Time Buyers Are Crazy Not To Buy A Home Now

    Written by Jaymi Naciri on Wednesday, 23 September 2015 2:38 pm

    With some of life’s milestones, there may not be a picture-perfect time to take the plunge. But when it comes to buying your first home, the combination of good market conditions and your own financial situation can dictate timing. If you’ve got the credit and down payment, you’d be crazy not to buy now. Want to know why?

    Rates are still low

    The Federal Reserve was expected to raise rates this summer, but so far they have stayed put. There is still talk that rates could go up before the end of 2015. So what does that mean for buyers? Well, if you’re a millennial, a rise in interest rates could spell bad news.

    “If mortgage rates hit 6%, a third of millennials (people younger than 35 years old) wouldn’t be able to afford homes as they’re currently listed, according to an analysis by HouseCanary, a housing-data analytics company,” said Money magazine. “Mortgages are huge loans, so a seemingly small shift in interest rates can change a borrower’s monthly payment by hundreds of dollars (though going from the current 4.08% rate to 6% is in no way a small shift).”

    read the rest of the article here: http://rtanac01.realtytimes.com/consumeradvice/buyersadvice1/item/38570-20150924-why-first-time-buyers-are-crazy-not-to-buy-a-home-now

     

    Short Sale Admin
    Short Sale Admin

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