Three Reasons You Should Buy a Home this Year

Three Reasons You Should Buy a Home this Year

Here are Three Reasons You Should Buy a Home this Year. Buy a Home this year. Interest rates have begun to rise and likely will climb higher. Inventory is low and could shrink more. And home for sale in Manhattan Beach prices are increasing and not predicted to fall any time soon. With that said, here are some of the reasons why it could be late if you don’t jump aboard the Hermosa Beach Real Estate train now.

Rates are rising

In 1981, when mortgage rates hit 18 percent and seemed to rise daily, single-digit rates seemed like an impossible dream. Last August, however, rates on 30-year mortgages bottomed out at 4.55 percent. Now that the Federal Reserve decided to raise its key interest rate, mortgage rates have been rapidly climbing. Currently, the average rate is just above 6 percent; by 2024 rates could easily climb to 8 or 9 percent.

Inventory is shrinking

In November of last year, there were only 1.85 million homes for sale. That’s almost a 10 percent drop from the previous year. Real estate experts predict that inventory will continue to shrink, at least for the foreseeable future. That means, in most areas of the country, buyers have more homes to choose from today than they will next year (or even next month). If you get moving now and ready to buy a home in South Bay area, you’ll have less competition for those homes than you will in the peak spring and summer months.

It’s time to buy a home this year before prices go up

Home prices in South Bay now stand higher than before the 2007 crash, increasing 5 percent from last year. And housing experts expect an additional 2 percent to 3 percent jump for next year. With rising mortgage rates and property prices in Manhattan Beach, it’s anyone’s guess how high prices will rise and how long they’ll remain high? The good news! If you jump into the market now, you just might make it before those doors close.

Are you looking to buy or sell a Real Estate in South Bay area?

Kaminsky Real Estate Group is the leading luxury residential sales and marketing agency Real Estate in the South Bay. Year after year Kaminsky Real Estate Group a South Bay Real Estate Agency, is recognized as one of the top Real Estate teams in America.
Contact Ed Kaminsky Real Estate Expert today. Or you can contact our Kaminsky Real Estate Group office at 310.798.1277, or by visiting us at itzsold.com. Thank you!