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Is 2014 a Great Year to Buy a Home?

Yes.

If you are ready to buy a home today, go ahead and make that decision for if you continue to put off buying a home, you might kick yourself next year for dilly-dallying when interest rates and home prices are not the way they are today.

NASDAQ recently published an article about why 2014 is a great year to buy a home and we couldn’t agree more. Think about the money you can save if you buy a home this year. Check out the chart below.

when it is a great time to buy a home

Source: NASDAQ

As you can see from the chart, the amount of money you can save is huge if you are financing at a low interest rate. Now if interest rate increases, and it would, you will have to pay more for interest expense alone. Mortgage experts are predicting that the average rate on a 30-year fixed mortgage will rise from 4.5% to 5% next year.

Why it is a great time to buy this year? Mortgage interest rates are near a 14-month low according to Freddie Mac’s mortgage rate survey of more than 100 banks. Home buyers who have already bought a home early this year have benefitted from low interest rates. Refinancing households are benefitting, too.

The current index in NAR’s national Housing Affordability Index dropped to 159.3 from 179.3 in 2013. Note that the higher the index, the more affordable the market. Home prices have been rising while mortgage interest rates are above the record lows of a year ago. These two factors– home prices and mortgage rates – affect housing affordability. With home price growth and mortgage rate increase, it will be more challenging for people to buy a home.

The bottom line, don’t make the same mistake this year. If you plan to move into a new home, the sooner the better.

 

 

 

 

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Filed Under: Blog, Market Report, Real Estate News Tagged With: home prices increase, housing affordability, Is 2014 A Great Year to Buy a Home, mortgage rates increases, why it is great to buy a home in 2014

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"My husband and I met with Michael in mid-December, our house went on the market January 16th and was under contract January 19th. Michael and his team are amazing at what they do and did everything could to help us. We were out of our old house and in to the new one within a month of our house going under contract. I would highly recommend using the J. Michael Manley team for buying and/or selling. They made the hassle or buying and selling so easy and everything was very smooth."


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Keller Williams Realty

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Greenville, SC 29607  

 

Whether it is buying or selling a home, there is no bigger decision than choosing the sales associate who will represent you during the transaction. Beyond being trustworthy and honest, you need someone who has the experience and drive to help you in the real estate selling or buying process. Livian Estates have represented countless clients to satisfactory resolutions, either in finding the perfect homestead or selling their home to a new family.


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