There are several factors that make home buying in 2017 a good idea. If you are on the fence about hopping on the home buying train, think about these factors that make 2017 the perfect year to purchase a home.
- Inventory is small: Housing inventory is low right now, and experts predict that trend will continue which means that there are more homes to choose from right now than there will be next year. When there are less homes to choose from, competition increases which can cause home prices to rise simultaneously. Buying a home in 2017 likely means less competition and more homes to choose from than in 2018.
- Interest rates are climbing: Last summer, interest rates hit record lows and they have been slowly climbing ever since. This trend is expected to continue, making 2017 a good year to take advantage of relatively low rates.
- Home prices are increasing: Home prices are currently higher than 2007 prices, before the housing crash happened, and they show no sign of slowing down. Your dream home may be more affordable in 2017 than it will be in 2018.