Call (253) 999-2371 Paul Chunyk is a Realtor in Tacoma, WA. See our new homes for sale in Tacoma, Washington, and all of Pierce County. Search the Tacoma Real Estate Market - condos, mansions, luxury homes, and more

Why You Should Purchase a Home Now

The decision to buy a home is an individual decision that is based upon the person’s needs and wants. Some buy a home because they are moving and therefore have to find a new home in the new location. Others may be increasing their family and therefore want a new home to make it more accommodating. No matter why you are looking for a new home, there are factors outside of your personal decision that contribute to whether or not now is a good time for you to be looking. Good news for you? It is the right time. The best-valued properties are ready for you. Here is why:

1.     Low mortgage interest rates. Mortgage interest rates are predicted to only increase over the next few years. Higher interest rates mean that monthly payments on a home are going to be higher. The current average mortgage interest rate across the U.S. is 4.16%. Next year, it is predicted to be 5%.

2.     Large inventory of homes. With more homes on the market, there are more options to choose from. New homes on the market are not increasing, but existing homes have. The more homes on the market stabilize the prices.

3.     Increase in prices of homes. Similar to interest rates increasing, home prices are also rising. In San Diego, the cost of homes has been gradually growing since 2012 and is forecasted to continue in that direction. The longer you wait to buy a home, the more expensive it will be.

4.     The cost of rent. In August, people living within a 10-mile radius of San Diego spent an average of $1,683 a month on their rent. The average of a one-bedroom apartment reached $1,389 and $1,752 for a two-bedroom apartment. The rent is expensive. Rather than having to pay that amount in rent and not receive anything for your investment, consider purchasing a home. In the U.S., rent has been rising by 4% each year.

5.     Employment rise. Finances are extremely important in being able to afford a home. With new jobs developing across the nation, steady employment will provide a steady income.

With these five factors coming together, the time for buying a home is now. The longer you wait, the more difficult it will be to buy a home. Take advantage of what the housing market and economy has to offer!

Contact Paul Chunyk

Reach out to me, I would love to give you more details and get you headed in the right direction to accomplish your goals.

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