November 17th, 2021 3:51 PM by Holly Ecimovic
Are you thinking of buying a home right now?
Contemporary Mortgage Services, Inc. has compiled a short list of things you should know ahead of time, below. Contact us today to see what your options are: 407-834-3377.
According to experts, mortgage rates are near historic lows, and many people predict they will rise soon. Some potential home buyers have started to wonder if it's a good time to buy, because housing prices are on the rise, in many cases. Here are some thoughts from real estate experts:
Many pros believe that they expect interest rates to rise at the end of 2022, according to a report from MarketWatch.com.
According to a report posted recently to MarketWatch, "Fannie Mae predicts that interest rates will average roughly 3.4% in 2022," which would be up slightly from this year. Another expert at NerdWallet.com said there could be a "long-lasting upward trend" in mortgage rates. [Click here to read more from NerdWallet.com.]
The following excerpt is from an article from MarketWatch.com:
'Home prices have risen roughly 20% over the past year - and most experts think they will continue to rise, albeit at a slower pace - but demand for homes is still high: "While economic uncertainty could potentially dampen mortgage demand over the longer term, we believe current market conditions remain conducive to home purchase activity, as demand for homes continues to far outstrip the supply available for sale," said Doug Duncan, Fannie Mae's senior Vice President and chief economist.'
One key takeaway from the article indicates that demand is far exceeding supply in most markets currently.
Fannie Mae's deputy chief economist Mark Palim told MarketWatch.com that "timing mortgage rates and the housing market is hard," and according to the article, he recommends that buyers look at their own personal wants and needs.
One key thing to think about would be to ask yourself: how long will I be in the area? If the answer is more than five years, experts say buying makes more sense than renting a home. One thing to always consider is to understand what you can truly afford.
Be sure to contact us today to get started with your loan application process. www.contemporarymortgage.com or call 407-834-3377.