Although we risk sounding like a broken record (in May we posted that it was time to buy…) market conditions continue to be ideal for home buyers.
Inventory levels are declining across the country. When supply shrinks, homes in the best locations with the most coveted features will sell quickly. With fewer homes on the market, finding the home of your dreams will become increasingly difficult.
Although prices are expected to hover around the bottom throughout the winter, most industry experts project appreciation heading into 2013. According to a recently released study by Zillow, professional forecasters expect home price to rise by an average of 2.3% in 2012.
Rent is Rising
According to Trulia, rents are outpacing prices in 22 of 25 of the largest rental markets in America. Although housing prices have increased, rents have risen faster at 5.4% year over year.
Rock Bottom Rates
While interest rates continue to hover around record lows, they won’t remain this low for long. As the economy improves, rates will increase. The average 30-year fixed mortgage rate before the financial crisis was 6.57% (Freddie Mac, August 2007).
Would you like more information on the loan application process and programs designed for your specific financing needs? Contact a licensed mortgage professional near you to discuss your home financing options or begin the loan application process today. *No down payment or low down payment options available.
Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.
*Programs subject to change and dependent upon credit approval. Contact your Inlanta Mortgage licensed loan officer for program details, requirements, and eligibility.