By the Kent Redding Group
AUSTIN, TX. – With New Year’s Eve, just days away many people spend this time of year making New Year’s Resolutions and if you’re a going to be a home buyer in 2017 one of your New Year’s Resolutions should be to buy a home early in 2017 for these reasons.
Reason #1 – Mortgage Interest Rates Are Increasing
As of December 2016, mortgage interest rates have increased by more than a quarter of a point from the same time last year and although this only translates to a very manageable mortgage payment increase of 3%, that’s still more money that home buyers who purchase Austin Texas homes now will have to pay compared to if they purchased a home last year.
Most economists are predicting that we could see rates increase in 2017 by as much as three-quarters of a point or more, so if you’re serious about buying a home next year it literally pays to take action if you want to save money.
Reason #2 – Home Inventory Will Remain Tight in Austin
There’s no denying that Austin Texas Home Inventory was tight in 2016, and that’s expected to continue, thanks in large part to a very strong fall and winter because more people were eager to buy homes to avoid interest rate increases and possible changes in the Real Estate market from the incoming Trump Administration.
A busy fall and winter in Austin mean that the real estate market here will remain tight come the spring and summer months, but that doesn’t mean you won’t be able to find the home that you’re searching for especially if you hire an experienced Austin Texas Realtor® with help you with your search.
Reason #3 – Most Buyers Will Still Wait to Buy a Home Until the Spring and Summer Months
Last of all, but most important, another great reason to buy an Austin Texas Home early in 2017 is that most buyers will still wait to purchase a home until the Spring and Summer months, instead of buying a home during January/February so if you take action early in 2017 you will be able to beat out the competition and purchase the home of your dreams.