Why 2015 is the best year to buy a home!
Employers are hiring again. Unemployment is low 5.8% nationally/Locally in Minnesota it’s 4.1%
The current economic growth and drop in gas prices is putting more money in our pockets. It’s a great opportunity for you to take the extra money and invest it in a place of your own!
Rents are high
Currently at a 7 year high. Average to rent a 2 bedroom apartment is $1238 in Minnesota
Rates are low(right now)
Although the economy is improving and interest rates can’t stay low forever, a quote from Janet Yellen, chairwoman of the Federal Reserve, should give some optimism to those looking to purchase soon:
“In particular, the committee considers it unlikely to begin the normalization process for at least the next couple of meetings,” said Yellen.
There’s a lot of fancy jargon in here, but it basically means that the Fed wants to take its time and let things play out before raising interest rates. Increases in interest rates probably won’t come before mid-2015 at the earliest. This gives you plenty of time to take advantage of the low rates available now before they go back up.
Home values are rising
Home prices continue to rise, so the sooner you buy the better
Sick of being in Mom’s basement?!
Fannie Mae and Freddie Mac announced programs that would allow first-time buyers to get homes with down payments of just 3 percent, instead of 5 percent.
That lower amount would allow creditworthy but cash-strapped young buyers to qualify for mortgages.