Not long ago families bought a home as soon as they could afford it. It was a way to build equity for future needs. Now many families are sitting on the fence wondering what to do. They have seen the ทาวน์เฮ้าส์มือสอง housing market go down and they are worried they may lose their investment. Here is what I am seeing and I wanted to share it with you, so you can make an informed decision.
Mortgage rates may be flat now, but indicators show they will go up. With inflation spiking the Fed is likely to raise rates to try to slow inflation down.
The government is also looking for ways to phase out Fanny and Freddie. These two private for-profit government backed entities have made some huge mistakes costing the US taxpayer a lot of money. Although it is going to take a long time to close them out, I can also see rates rising because there will be less competition.
In the mean time the government is planning to wind down their intervention in the mortgage markets. Mortgage qualification standards are likely going to tighten even more which also will cause rates to rise. Higher mortgage rates are not only coming, they'll probably be higher for a long time.
With that in mind, I feel we are likely at the peak of the buying opportunity for low priced homes and low mortgage rates.
Rental housing costs are going up. The foreclosure crisis created additional demand on the rental housing inventory in several different ways. Homeowners who lost homes to foreclosure now need to rent. Buyers who are living in areas where there have been a lot of foreclosures are staying as renters longer than they normally would have.
What makes it even more frustrating for many is that the super-tight lending guidelines have stopped many families who would like to buy homes. As a result, rental homes are in high demand and rents are rising.
When you see rental rates rising when the prices of homes for sale are low or falling it is just one more signal that now may be the time to buy.
Buying a home is a huge decision to make. You need to weigh all your options and seek the advice of professionals before you make your final decision.
Check with a local mortgage professional to see what they think about the rates. Check with a local financial planner to see if they think your financial situation is strong enough to take on such a big purchase. Also check with a local real estate agent to see how the housing market is doing in the area you would like to purchase.
Once you get all your ducks in a row, I'm sure the decision you make will be the right one.
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