Over the past two years, we’ve watched the housing market stabilize and home prices flourish. Nashville is booming, with an influx of people moving from the east and west coasts to Music City. If you’ve been debating whether or not now is the time to buy, here are a few reasons why you should seriously consider purchasing a home.
Low Mortgage Rates
Mortgage rates are low, and with a 30-year-fixed-rate loan averaging at 3.75%, it’s a great time to buy. Economists are predicting the rates will uptick toward 5% in the next year. When interest rates increase, so do a homeowners monthly payments. Buying while the interest rate is low means savings all around.
Home Prices On The Rise
Home prices are reflected in the market’s growth and improvement. As the housing market flourishes, prices go up. This is a current trend economists expect to continue. The good news is while home prices are increasing, they have not skyrocketed. Prices are competitive, so they’re still well within the reach of many buyers.
Buying Is Cheaper Than Renting
Buying a home means a fixed-rate mortgage, one you pay down. It also means stabilizing your finances. With the low mortgage rate, chances are you will pay less on your mortgage than you would on rent, and you’re paying toward an investment. If you can afford to buy a home, keep in mind rent is not getting any cheaper.
There are many reasons to consider buying a home now. When it comes to Nashville housing trends, if you’re on the fence, consider talking to an agent about your concerns and questions. Make a list of what you need, and want, to know, and don’t be afraid to get the answers you deserve.
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