Buying home is always a good investment. But timing is very important in this case. If you don’t invest at the right time then you may end up losing money. The property industry is in a very good state now and it’s the right time to invest in this market. Here are the major reasons why you should invest now.
Increase in house price
The price of houses is expected to rise in the coming years. So, you will need more down payment and take more amount of mortgage to buy a house. That means that the money you have saved up for buying a house may not be enough.You will need to arrange for more money in order to buy a house.
The interest rate will be high
The mortgage interest rate is quite stable now. But it will increase soon. Now the mortgage rate is only 4%. But it is expected that it will hit 6% within the year 2019 or 2020. So, you will have to pay more interest on your mortgage if you buy a house later.
Inventory is decreasing
Now there are lots of homes available in the market. You can find a suitable home for yourself within a good budget. But it is expected that there will be a 10% drop in the inventory in the coming years. So, it will become difficult for you to find a suitable home in future.
So, if you have money then don’t wait till next year or later to invest in homes. You must invest now as all the conditions are in your favor. You will be a gainer by investing in homes this year.