It continues to be an excellent time to purchase a home. There are many factors that work in favor of homebuyers, both those looking to make their first home purchase and those seeking to move up into a larger home.In recent weeks, there have been many indicators pointing to an improving real estate market, so buyers should act now while conditions remain ideal.Consider these reasons why now is a good time to buy a home:
- Housing affordability remains high.This allows buyers to purchase a bigger home, or one in a better location, than they might have in the past.
- The number of homes on the market has started to decrease. Yet, homebuyers still have a wide variety of homes to choose from, making it more likely they will find their dream home.
- Mortgages are at historically low levels, and some buyers are even able to get 30-year fixed rates below 5 percent. Low mortgage rates also positively impact affordability and allow buyers to enjoy lower mortgage payments for the lifetime of their loan. This may be of particular interest to renters whose rent payments typically rise each year.