7 Reasons to Buy Now

The top 7 reasons everyone listening should buy a home are:

#1: Interest rates are still low, below 5%, making your dream home more affordable.

#2: Sellers are willing to negotiate and there are some great values available in almost all price ranges.

#3: There is plenty of mortgage money available. The key is to have good credit and stable income.

#4: If you buy now, your long-term return can be a very large and profitable number.

#5: Terrific incentives are available for first-time home buyers.

#6: There is plenty of inventory, and great homes to select from!

And #7: This is a great time to invest in rental homes. Purchase a home, your tenant makes the payment, and you gain equity. The investors I am currently working with are averaging a 6-10% rate of return on their investment real estate portfolio. Significantly better than a CD, a treasury bill, or many other common forms of investing!

Those are great! Can you give us a little more insight into the rates today?

The record-breaking, amazingly low rates of the last few years are now officially out of sight, but they are still historically affordable! Last year’s rate of 3.3% has been increased by more than a point with the recent 30-year mortgage rate of 4.35%. As we continue to see improvements in the economy, rates will continue to increase.

Do you have any advice on taking advantage of the rates?

One of the best things you can do is lock in your loan rate as soon as possible. So, after calling me to help you find a home, once you sign that Purchase Agreement, lock that rate in! Adjustable Rate Mortgages (ARMs) have increased in popularity, but it’s critical to get a loan that matches your needs. Approximate monthly payments on a $250,000 mortgage are $1,194 with a 30-year-loan at 4%, or $999 on a five-year ARM at 2.6%. If your plans are to stay in the home long term or to invest in a rental property, a fixed rate mortgage is definitely the best course of action.

So, if our listeners are planning on buying or selling, you are the one who can help them make the best decision based upon their situation?

I’d love to be of assistance! Call me on my cell at 238-3272, or email me at cheryl@cherylmarlow.com.

As always, who do you know that needs to buy or sell real estate today? Thanks!!