Question: Is It a Good Time to Buy? Answer: YES.

Admittedly, we are a little bit biased, but we just love seeing prospective people find and purchase new homes that they love.

240 De Young Properties Residence 240 Tuscan Elevation

For 40 years, De Young Properties has been building homes for families in the Central Valley and we love to share in the excitement of families purchasing a new home. We love the moment when they sign the final paperwork. We love the anticipation of receiving the keys for the first time. We love the whole process – this is what we do.

But we know for prospective homeowners it can be overwhelming and a little bit scary.  If you are in the market for a home or have been considering to purchase a new home, now is a great time to make your move. Here is what you need to know:

 

Mortgage Rates Are Very Low – Although a little bit higher than this time last year, mortgage rates are still very low. In fact, if you consider rates over the last 50 years, the average interest rate was 9.1 % and the high was 18.45 % in 1981. Check out this historical graph dating back to 1971 to see the highs and lows. With rates as low as they are today, now is the time to buy!

30-Year Conventional Mortgage Rate

But They Won’t Be Forever – Analysts predict that rates could begin to rise by the end of 2014 through the first quarter 2015. While this would make homes more expensive to finance, it’s important to keep perspective – rates in the 5-6 percent range are still very low. Check out the latest mortgage rates and what you can afford with the De Young Properties mortgage calculator.

It’s a Buyer’s Market – If interest rates begin to rise, the refinance business will weaken, forcing lenders to compete for buyers – and perhaps making it a little bit easier to secure a good mortgage.

De Young Mortgage CalculatorAffordability is on the Decline – Analysts predict that in 2014 both mortgage rates and home prices could be on the rise. Beat the rush and visit a De Young Welcome Center or don’t waste any more time and call a De Young Mortgage Loan Specialist today at 559.439.9494 and find out if now might just be the perfect time for you and your family to purchase a home.

Let our family help your family realize your home ownership dreams. We live for this stuff!

AUTHOR: Ryan De Young, Vice President

{Image Source: FRED}