{"id":4470,"date":"2019-06-08T08:11:44","date_gmt":"2019-06-08T12:11:44","guid":{"rendered":"https:\/\/dankrell.com\/blog\/?p=4470"},"modified":"2019-06-08T08:11:52","modified_gmt":"2019-06-08T12:11:52","slug":"great-time-to-buy-a-home","status":"publish","type":"post","link":"https:\/\/dankrell.com\/blog\/2019\/06\/08\/great-time-to-buy-a-home\/","title":{"rendered":"Great time to buy a home"},"content":{"rendered":"\n
\"great<\/a>
Should I Buy Now or Wait? (infographic from keepingcurrentmatters.com)<\/figcaption><\/figure><\/div>\n\n\n\n

If you\u2019ve been waiting to buy a home, now may be your time to jump into the market.\u00a0 Maybe you\u2019ve been wary of home prices, or concerned about mortgage rates.\u00a0 Maybe you\u2019ve been attempting to \u201ctime the market\u201d to get a good deal on a home.\u00a0 Regardless of your reason for waiting to buy a home, you shouldn\u2019t ignore the current market conditions.\u00a0 It\u2019s as if a perfect storm of home buying<\/a> conditions is lining up to a great time to buy a home.<\/p>\n\n\n\n

The big news is that mortgage interest rates continue to drop.\u00a0 National average mortgage rates have been declining since the fall, moving closer to the historic bottom!\u00a0 The May 30th<\/sup> U.S. weekly average for a thirty-year fixed rate mortgage provided by the Freddie Mac Primary Mortgage Market Survey<\/a>(freddiemac.com) dropped to 3.99 percent.\u00a0 Mortgage News Daily\u2019s Matthew Graham reported on June 3<\/a>rd<\/a><\/sup> that mortgage rates dropped further (mortgagenewsdaily.com).\u00a0 Graham\u2019s title \u201cMortgage Rates Continue to Plummet\u201d is telling.<\/p>\n\n\n\n

Although economists express confidence<\/a> in the economy, they attribute the movement in mortgage interest rates to the current trade wars and bond market activity.\u00a0 The mortgage industry may also be anticipating a Fed rate cut at the next week\u2019s meeting of the Open Market Committee.<\/p>\n\n\n\n

Lower mortgage rates aren\u2019t always a reason to take the plunge into the housing market.\u00a0 But what about moderating home sale prices?\u00a0 The FHFA Home Price Index<\/a> (fhfa.gov) indicates that nationwide average home prices increased only 1.1 percent during the first quarter of 2019!\u00a0 Compared to the year-over-year 5.1 percent HPI increase, the modest first quarter gain may indicate a more affordable housing market.\u00a0 \u00a0Locally, the Montgomery County year-over-year average home sale price only increased 0.2 percent, according to MarketStats by ShowingTime<\/a> (getsmartcharts.com).\u00a0 However, the average price per square foot decreased 14.3 percent!<\/p>\n\n\n\n

Another factor making it a great time buy a home is the lackluster spring home sales.\u00a0 Counter to what is expected, home sales have somewhat cooled during the spring.\u00a0 A May 30<\/a>th<\/a><\/sup> NAR press release<\/a> titled \u201cPending Home Sales Trail Off 1.5% in April\u201d indicates that national home sales have been declining.\u00a0 In fact, the forward-looking indicator based on contract signings dropped 1.5 percent this past month.\u00a0 The total pending home sales in Montgomery County dropped about 2.8 percent compared to last spring.\u00a0 <\/p>\n\n\n\n

There are increasingly more housing choices.  Although housing supply remains tight, there\nwere about 2.5 percent more new listings this April compared to the same time\nlast year.  Although many of these new\nlistings go quickly, increasing new listings mean that there are more home\nsellers that are entering the market this year giving you more homes to\nconsider.<\/p>\n\n\n\n

Putting all the data points together signify a great\ntime to buy a home.  Housing\naffordability has increased, partly due in part by increasing family incomes,\nlower mortgage rates, and moderating home prices.  Home sellers who are listing their homes for\nsale this spring are adjusting their sale price expectations.  Homes that have been on the market for an\nextended time may be an opportunity for you to negotiate a lower sale\nprice.  According to mortgage experts, average\nmortgage rates have \u201cplummeted,\u201d giving you more flexibility and possibly lower\nhousing costs.  <\/p>\n\n\n\n

These home buying conditions may not last very long. But before you decide to buy, determine if buying a home is the right choice by consulting a Realtor<\/a> and other financial professionals.<\/p>\n\n\n\n

Original located at https:\/\/dankrell.com\/blog\/2019\/06\/08\/great-time-to-buy-a-home\/<\/p>\n\n\n\n

By Dan Krell
Copyright \u00a9 2019<\/p>\n\n\n\n

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\"Protected<\/a><\/figure>\n\n\n\n

Disclaimer<\/a>.\n This article is not intended to provide nor should it be relied upon \nfor legal and financial advice. Readers should not rely solely on the \ninformation contained herein, as it does not purport to be comprehensive\n or render specific advice. Readers should consult with an attorney \nregarding local real estate laws and customs as they vary by state and \njurisdiction. Using this article without permission is a violation of \ncopyright laws.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019ve been waiting to buy a home, now may be your time to jump into the market.\u00a0 Maybe you\u2019ve been wary of home prices, or concerned about mortgage rates.\u00a0 Maybe you\u2019ve been attempting to \u201ctime the market\u201d to get a good deal on a home.\u00a0 Regardless of your reason for waiting to buy a … <\/p>\n

Continue reading “Great time to buy a home”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[482,39,270,1012,405,288,29,416,13,26,27],"tags":[940,516,814,490,511,466,445,807,925,593,578],"class_list":["post-4470","post","type-post","status-publish","format-standard","hentry","category-buy-a-home","category-first-time-home-buyer","category-home-buyer","category-home-buying","category-homebuyer","category-housing-market","category-market-conditions","category-market-timing","category-real-estate","category-real-estate-market","category-real-estate-market-trends","tag-buy-a-home","tag-buying-a-home","tag-first-time-home-buyer","tag-home-buyer-2","tag-home-buying-process","tag-housing-market-2","tag-housing-market-trends","tag-market-conditions","tag-market-timing","tag-real-estate-market-2","tag-timing-the-market"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p1VZLf-1a6","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/4470","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/comments?post=4470"}],"version-history":[{"count":2,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/4470\/revisions"}],"predecessor-version":[{"id":4474,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/4470\/revisions\/4474"}],"wp:attachment":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/media?parent=4470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/categories?post=4470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/tags?post=4470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}