If you’ve followed real estate news over the last couple years, you’ve probably heard people talking about a “seller’s market.” Maybe you’re asking yourself, “What does that even mean?” It’s just an easy way of saying the number of people looking for houses is high, and the number of available houses is low. It’s a real-world example of the Law of Supply and Demand you learned about in your high school Government and Economics class. So sure, it may be a seller’s market, but that doesn’t mean a buyer can’t get in on the fun! If you’ve been thinking about buying a home, there are many reasons to start house hunting today. Let’s take a closer look at three of them:
- Mortgage programs offer money-saving options. If you’re currently renting, you probably remember how tough it was to come up with the first and last months’ rent that was due at lease signing. Because of that, you may be worried you’ll never be able to save enough money for the down payment on a home purchase. Fortunately, there’s good news! One of the benefits of a hot real estate market is that mortgage lenders are competing to help more people experience the benefits of homeownership. In addition to traditional fixed-rate and variable-rate mortgages, many lenders now offer programs that may include incentives like low- or no-down-payment options. There’s never been a better time to see what programs are available to you!
- Mortgage rates are going up. You’ve heard the saying, “What goes up must come down.” Unfortunately, gravity doesn’t apply to interest rates. In fact, experts are predicting that rather than coming down, rates are about to do the exact opposite. After more than four years of historically low interest rates, mortgage experts are predicting that the current upward trend will continue. Since they’re bouncing back from record-setting lows, mortgage rates are still quite affordable. But with expected rate hikes on the horizon, waiting to see if the rates defy predictions could be a costly gamble. Locking in a fixed-rate mortgage loan now is a fantastic way to avoid rising rates in the future.
- Summer’s just around the corner. This reason is more practical than financial. If you have kids, you know how difficult it can be to navigate the school registration process. If you’ve ever tried to change schools during the middle of a school year, you know why making a move during the summer makes good sense. If you’re buying a house in a new school zone, making the change during the summer months can save you the frustration of making a mid-year transition. Your kids will thank you. Your school administrator will thank you. Your sanity will thank you.
Whether you’re buying a home for one of the reasons listed above—or a different reason altogether, we have a mortgage program to meet your needs. If you’re already a homeowner, but you want to save money by refinancing to a lower rate, we can help with that as well. Contact a Scient mortgage specialist today to find the best solution for your house hunting needs!