With headlines about rising interest rates and market volatility, many people are questioning if now is the right time to make a move. Of course, the answer is different for individual circumstances, but here are a couple observations to keep in mind.
Interest rates on 30-year fixed loans continue to hover around the 5% mark. Last year at this time the same type loan was around 4.04 %. Current rates is higher than we have seen in recent years, but nowhere near the record highs of over 18% in 1981!
Based on the strong job market, most experts do not predict a foreseeable drop in interest rates; in fact, most think the rates will modestly trend upward. So if you have been on the fence about buying, now is a great time to lock in your interest rate!
The first step in your home search is contacting a lender to find out your options. Anthony Pellegrino with Fonville Morisey Lending is a wonderful resource.
Our Triangle area remains a strong market, but we have seen softening trends for sellers in some price points. Consider that this past week alone, there were close 1,000 homes with price reductions in the Triangle MLS (multiple listing service). Some reductions are attributable to the typical sales cycle of fall market. But there are also great opportunities for buyers in our current market!
If you are considering a home purchase, this could be the perfect time for you to begin your search! If I can help with any questions, please send me an email at firstname.lastname@example.org.