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Think of Buying in 2017?

December 26th, 2016 · No Comments · Hope Ranch Real Estate, Montecito Real Estate, Santa Barbara Real Estate

chrispotterc

Painting “Hammonds Beach in Montecito on Cloudy Day” by local Santa Barbara artist Chris Potter

When you consider today’s historic low interest rates and the affordable prices of homes in many parts of the country, it’s obvious that it’s a great time to  consider making  a real estate purchase. Be warned: The good times aren’t going to last. In fact, predictions from the National Association of Realtors say that home sales are going to heat up in 2017. NAR predicts existing home sales will reach 6 million next year, an increase from this year’s forecast of 5.8 million. But this is on the low end of the predictions. And NAR isn’t the only organization predicting this change. The Mortgage Bankers Association, Fannie Mae, and Freddie Mac are all saying that home sales are going to climb next year. Wow! Sounds like a good thing, right? Well, if you’re looking to buy a new home, maybe not so much.

Housing Prices : You see, when home sales climb, the number of available, desirable homes decreases. And when there’s more demand than supply, prices rise. Which means home prices could climbing, which may mean the best time to buy is now.

The Cost of Renting : Once upon a time, people rented homes because they couldn’t afford to buy. But since the recession, renting has been on the rise — and so are rental rates. It’s actually more economical to own in most areas of the country than it is to rent

When you look at interest rates and housing prices, toss in skyrocketing rents and the availability of homes to buy versus homes to rent, you can see that now looks like the right time to make a move there Is No Time Like the Present :Housing prices are low, interest rates are historically low, and there are still many available homes on the market

If you are ready, we are available to look at your options and help you decide what real estate purchase works best for you, your family and your financial situation. Contact us today to discuss making your move .

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