The thought of making a move can be exciting for some, while for others, it could cause thoughts of doing a considerable amount of work, such as packing and unpacking boxes, qualifying for a new mortgage, and signing a seemingly endless slew of paperwork. Is it a good time to purchase a home?
But, even if the idea has just barely crossed your mind, you could find that making a move now can be beneficial. For example, currently, according to Freddie Mac, the average interest rate for a 30-year fixed home mortgage stands at just over 4.1 percent.
That, however, is slated to change in the near future – so, in order to lock in now at a lower rate, it could be a good time to consider a move. Otherwise, many home buyers in California who opt to wait until late 2017, or early 2018, to purchase a new home could end up paying a higher mortgage rate.
Even just a slight upward blip in your interest rate could mean having to make a higher amount of monthly payment, which in turn can mean that you will technically end up paying more for the very same house – especially if you plan to remain there for many years.
Now may also be a good time to consider moving if you presently own a home that you would sell in order to make the move. Here, the prices of homes in most California cities have, on average, been rising. However, going forward, they could be leveling off. This means that getting your present home on the market sooner rather than later could end up netting you more money to work with on your new abode.
If you’re considering a move soon, contact us. We’ll help you to find the new home of your dreams, while also providing you with an analysis of what your current property could be listed for in the market today.