Top 5 reasons to buy this fall - by Jeff Kieffer, Wells Fargo Home Mortgage Consultant
100 W. Burnsville Pkwy, Burnsville, MN 55337, phone: 612-316-4638,
1. Houses are affordable. With mortgage interest rates as low as they are with the average 30 year fixed interest rate at 4.5%, you will be surprised how affordable your payment is. Especially for first time home buyers, you will probably notice that the payment you will have as a homeowner isn’t much more than you’re currently paying for rent if at all! For example, a $150,000 home will mean a total monthly housing expense of around $975.00.
2. It is a buyer’s market. With the summer “buying season” coming to an end, fall buyers will run into less competition now than they will have in the spring as many buyers who did not find a home over the summer will now wait until next spring.
3. Foreclosures. Homes owned by the banks sell for an average discount of 35% from regular home sale prices. Your dollar will stretch further with the purchase of a distressed property. Although there are some challenges to buying foreclosed homes, the affordability makes it tough to overlook while the supply lasts.
4. Home ownership is more attractive than renting. With home ownership, you control your home and make it what you want, whether you are talking about paint, remodeling, or upgrading. You will also become rooted in your community, while growing an “asset” over time as you pay off your mortgage and your home appreciates.
5. Mortgage rates won’t go any lower. Although mortgage rates are off of the lowest they have ever been, we are still seeing near record low interest rates and they are not likely to go lower than they are now and will likely be higher in the spring.
Liz Lewis Sandwick grew up in Duluth, is married to her husband Robb, has three kids: Caroline (5) Cooper (3), and Max (1) and would love to help you find your next home!