If you are in the market to buy Incline Village real estate in 2017, you may feel like you are in the midst of a marathon. There are a lot of areas all over the United States where inventory is low and it is hard to get into a home. This results in a sudden sense of urgency to purchase real estate for sale in Incline Village, NV and for good reason. Check out why below!
Mortgage Interest Rates Are Movin’ On Up. They have been since August and today are sitting just above 4% with more increases on the horizon. While this isn’t cause to go out and make an impulse purchase, if you need to stay within a certain budget, time is of the essence. The good news is that interest rates are still historically low, so there are some great opportunities for buyers. Another plus is that as rates increase, the prices and the competition go down in some markets.
While interest rates are on the rise, inventory is not. The experts are predicting a shrinkage in inventory soon, so if you wait to purchase Incline Village real estate, you may not have as many options to choose from as you do now. Buying in the winter generally gives you an edge on the competition as it is, so take advantage to make sure that you aren’t out-priced or out-bid this spring and summer.
While inventory is going down, home prices continue to go up. Home prices went up 5% from 2015 to 2016 and they are expected to increase up to 3% more in 2017. Now, how high Incline Village, NV real estate prices will go and how long they will stay at those prices remains to be seen. However, if your goal for 2017 is home-ownership, dealing with uncertainty is not ideal. Financially, it is hard to plan your budget when you don’t know what exactly your interest rate and price point is going to be. By purchasing soon you not only get to lock in a great rate, but you get to take advantage of prices before they continue to go up AND you get more homes for sale in Incline Village, NV to choose from.
If you are interested in selling or buying real estate in Incline Village, NV, let us know. We would love to help!