Buying a house is a big investment and people give a lot of thoughts before deciding to buy a house. The prices of the house keep on fluctuating. You should look at the market trend and find out the best time to buy your house. This year is just perfect if you are thinking of buying a house. These are the reasons for it.
Low interest rates
The mortgage interest rate is quite low this year. On average, it is only 3.86% for a 30-year fixed loan. It is predicted that the interest rate will increase next year. So, your mortgage payments will be a lot less if you buy a house this year.
Lots of properties available
There are lots of properties available in the market this year. So, you have lots of choices as a buyer. You can get a property according to all your preferred criteria. More properties in the market have also stabilized the price of the houses. So, as a consumer, you will be a winner.
House rents are increasing
It is not necessary for you to live in the house you buy. If you already have a house, you can still invest in the property market. The house rents are increasing and you will be able to get good returns on your investment every month by renting out the property.
A property will not only give you a place to live but will also become a driver of income generation. As the interest rate is low and the inventory is high, this year is the best time to buy a property.