There are alot of reports that suggest NOW is the best time to buy a home. Or was that 2012 or is it 2015? Honestly no one can predict for you when is the best time. Only you will know.
Recently I was reviewing a May 2013 Forbes article predicting mortgage interest rates by the end of 2014 would hit 5.5% . The article went on to say if you were going to buy a home NOW was the time to do it before rates rose. Those projections did not hit the mark as interest rates are still below 4.5% on a 30 year conventional loan.
Now 2015 interest rate projections are starting to trickle in. Can you guess what they are? If you said 5.5% by the end of 2015 you would be correct. The message is the same, NOW is the best time to buy a new home before rates go up.
If it was as simple as buying a home based on mortgage interest rates then absolutely you should buy a home now. However interest rates are just one factor you need to consider when buying a new home. You need to think about the length of time you plan to stay in the area, costs of utilities and maintenance and the commuting to your job as a starting point.
If you are thinking about buying a home in Northern Virginia in the near future give me a call. Let’s talk about the pros and cons of homeownership and whether NOW really is the right time for you to become a homeowner.