4 Reasons Why It Is A Great Time to Buy A House in Grand Rapids, MI
If you've been considering the purchase of a new home, there's never been a better time to do so here in Grand Rapids. The housing market is always in motion, and timing is crucial in finding not only the right house but finding the right house at the right price. If you're still not sure if you should pull the trigger on beginning your housing search, here are four reasons why it is a great time to buy a house in Grand Rapids, Michigan.
1. Record Low-Interest Rates
Probably the best reason why you need to consider buying a home now in Grand Rapids is because of the record low-interest rates. However, that low is not going to last long. Interest rates were slashed in order to help stabilize the economy during the worst of the COVID-19 pandemic, but as things have started to level off interest rates will begin to rise again. That means if you decide to wait another six months or a year to purchase a home the interest rates could be a percentage point or higher than what it is now, which would then cost you thousands, if not tens of thousands of dollars more over the lifetime of your mortgage. You can pocket all of that savings by buying a home now.
2. Escalating Rental Costs
If you are currently renting you already know how high rental costs are, and there's no sign of this changing. Rental costs will continue to surge as long as people keep paying them. Rental prices are jumping throughout the country, and Grand Rapids is no different. In fact, if you purchased a house, your monthly mortgage rate would very likely be less than your monthly rent. And with your mortgage, you are putting money away towards something you owe, instead of giving money to someone else for what they own. Buying will help you avoid escalating rental costs while allowing you to build equity, all at the same time.
3. Homes Selling Quickly
Homes are selling quickly thanks to the low interest rates. If you see a house and decide to wait to see if the prices drop further you will likely be disappointed. Houses are selling extremely quickly, so if you've seen something you like you need to act now. If you don't, someone else will (in fact, many houses here in Grand Rapids are selling before they are officially listed).
4. Hard To Forecast Upcoming Market
It is difficult to forecast what might happen in the coming months and years. While interest rates will go up, which means homes probably won't sell as fast, other than that it's impossible to know just what might happen. But I can tell you that if you do wait, you will end up paying more for a new home, both due to increased interest rates and the level of inflation that will likely hit the market due to the pandemic.
These are just four of the reasons why it is the perfect time to buy a house in Grand Rapids. From the low-interest rates (that are only going to begin going up any day now) to the selection of houses and the money you'll be able to save instead of renting, you may never see these kinds of prices or homes available again. So, instead of putting it off or waiting, now is the time to give me a call. Let me sit down, work with you, go over a budget, and help you pinpoint exactly what you want out of a new house. This one phone call may just be the first step in finding your dream home for a dream price.
