4 Reasons To Buy a Home Now

Time To Buy

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.

Supply Shrinking

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.

Rising Prices

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.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.

*Programs subject to change and dependent upon credit approval. Contact your Inlanta Mortgage licensed loan officer for program details, requirements, and eligibility.

Time to Buy a Home

Now is the time to buy a house.

71% of Americans Think So

According to Fannie Mae’s National Housing Survey for April 2012, 71% of Americans believe now is a good time to buy – which most of us would probably agree is not really surprising. Historically low mortgage rates and rising rents support these survey results. In fact, Fannie Mae’s survey addresses rental price expectations and it turns out that 49% of survey respondents think that rental prices will go up. This is the highest recorded percentage in the last 12 months.

More consumers also think the U.S. economy is on the right path. The percentage of Americans who believe the economy is on the right track rose to 37 percent, a 2 point increase from the previous month and the highest level in the survey’s two-year history. To put this in perspective, in the August, September, October, and November of last year only 16% of respondents believed the economy to be on the right track.

While home prices are currently low, especially in distressed markets, 32% of respondents expect home prices to increase over the next 12 months. Americans also expect mortgage rates to rise in the next 12 months – which isn’t very surprising when you consider that the 30-year fixed rate mortgages hit a new all-time record low last week.

“Overall, consumer views of housing market conditions have become more supportive of home purchases,” said Doug Duncan, Fannie Mae chief economist.

Heard enough? Are you read to make the leap to home ownership? Contact a licensed mortgage loan professional today to take advantage of low mortgage rates and low home prices – before they both go up. Click here to find an Inlanta Mortgage professional near you.

Click here to read the Fannie Mae Monthly National Housing Survey in its entirety.

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.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.

Rising Rent Prices Expected

Rent or Buy

73% of people think now is the time to buy.

According to Fannie Mae’s March 2012 consumer attitudinal National Housing Survey, several key housing market indicators point to increasing numbers of home purchases. Why? Americans now expect both home and rental home purchase prices to increase over the next year.

“Conditions are coming together to encourage people to want to buy homes,” said Doug Duncan, vice president and chief economist of Fannie Mae. “Americans’ rental price expectations for the next year continue to rise, reaching their record high level for our survey this month. With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, some may feel that renting is becoming more costly and that homeownership is a more compelling housing choice.”

Rates remain low and home prices are on the rise. Inlanta Mortgage loan officers are here to help you evaluate if now is the time to become a homeowner. Our mortgage professionals understand that the decision to purchase a home is often the most important financial decision you will ever make and can help you make rent versus buy calculations. Click here to find a licensed mortgage loan officer near you.

Here is some of the raw data availalbe in the March 2012 Monthly National Housing Survey conducted by Fannie Mae:

  • 33% of respondents expect home prices to increase over the next 12 months – up 5% percentage points from last month
  • On average, Americans expect home prices to increase 0.9% over the next 12 months
  • 39% of Americans expect mortgage rates will go up in next 12 months
  • 73% of respondents believe now is the time buy a home – up 3 percentage points from last month
  • the number of respondents saying it’s a good time to sell also increased one percentage point from last month
  • 48% of respondents expect home rental prices to increase in the next 12 months. In fact,  respondents expect home rental prices to increase by 4.1% over the next 12 months – the highest recorded number to date

Access the March 2012 National Housing Survey Data Release click here.

Whether you are ready to make the leap to home ownership or not, it is never too early to begin learning about the process. Explore our other blog posts on the Home Buying Process here.  Learn why home ownership matters, why you need to get pre-approved for a mortgage before shopping and much more!

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.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.