The Hot Market and Can you still find a good deal?
The short answer is Yes. From here it gets complicated and personal.
There are good reasons to buy or sell no matter what the market is doing. Ask yourself, is this the right time to buy/sell for YOU? Do you want to own a home? or downsize/upsize to fit your needs? Change communities? Change lifestyles? The right home should be a place to live your life physically and emotionally in a way that supports you and your family. Life is too short to live in the wrong home.
How is your credit? Good credit gets you in the door first. Large down payments land the deal. Prepare to have 20% down and a credit score above 700.
Some good news:
First-time homebuyers can take advantage of down payment assistance programs to offset the 20% rule.
Money for everyone. MSHDA right now has money available to every home buyer if you qualify. The current program offers up to $10,000.
Expert tip: Work with a real estate agent and loan officer who are familiar with the first-time homebuyer programs you’re taking advantage of, so you can avoid common pitfalls.
Interest rates are expected to stay low. The good deal will be in securing your mortgage with a historically low rate. Let's do the math. Calculate your monthly mortgage payment.
The complicated. Speculation?
What about the Hot prices on homes? House prices are up 13% over 2020 prices and are expected to increase by another 5.9% in 2021 according to the latest from Fannie Mae, Freddie Mac, and NAR. Some experts are even speculating that the housing market will keep increasing for the next few years, just at a slower rate. Of course, we do not have a crystal ball and we have seen markets crash, but this market does not have the same conditions (subprime mortgages and overleveraging) as 2008. There is a good chance that housing prices are here to stay.
Navigating home buying and selling is complicated in 2021. If you have questions, Home 1st Real Estate has answers. Make sure you have an expert you can trust on your side when buying or selling your home. Remember it is a good deal if it fits your personal needs and lifestyle.
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