Trying to figure out when to purchase a home in Virginia can understandably be intimidating. This is particularly true when the home options are limited and when prices seem too high. However, according to experts, engaging in residential real estate transactions may be a wise move in 2018.
The biggest reason that now may be a smart time to buy a home is because interest rates may be going up. Consumers in the United States have enjoyed record-low rates of around three percent for years. Now, the Fed has decided to make some major increases that could making buying more of a challenge.
The mortgage interest rate for those with a fixed rate mortgage loan lasting 30 years went past four percent in 2017. Also, thanks to the nation’s continuing economic growth, it is possible that more interest rate hikes will occur this year. The rates may very well reach five percent by late 2018.
As the interest rate is anticipated to rise throughout the course of the year, buyers may benefit from engaging in residential real estate transactions sooner than later. The longer buyers wait to make their purchases, the more they will end up paying due to rising home prices and rising mortgage interest rates. However, navigating a real estate transaction can be confusing, especially for those who have never been through the process before. Still, it can be just as complicated for a veteran home buyer, as no two deals are alike. A Virginia real estate attorney can offer the guidance needed to seal the deal in a favorable manner.
Source: realtor.com, “The 3 Best Reasons to Buy a Home in 2018 (but You’d Better Hurry)“, Holly Amaya, Jan. 4, 2018