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If you’re considering buying a home this year, you should act soon. Conditions are currently favorable for homebuyers, but that could change by year’s end.
Mortgage rates are still low, in the mid-4% range for a 30-year fixed mortgage, but according to Realtor.com, mortgage rates could rise by 0.75% over the year. And now is a good time to buy to acquire equity while values around the region continue to go up.
You may also save money versus renting. Buying a home is currently 37.7% cheaper than renting, according to a Trulia national trends report.
– Steve Seeger, Lennar