Deciding on the right time to buy a home can be tricky. You want to be able to move at a convenient time, but you also don’t want to buy during a busy season when prices are higher and more buyers are looking. Striking balance is all about finding the right timing, but luckily, this whole year brings favorable market conditions for buyers.
If you’re buying a home in 2019, here’s what you should know about the real estate market.
Mortgage Rates Are Low
This year has been a record year for home mortgage rates. While the rates aren’t quite as low as the 3.31% record set in 2012, a 30-year fixed mortgage is currently hovering right around 3.73%. To put that in perspective, many experts thought rates for this year would be over 5%—which isn’t too bad a prediction considering the rate was 4.94% in November 2018.
But these low numbers won’t last forever. Many economists think 2019 will be the lowest year for mortgage rates in a while, and as time goes on, they’ll start creeping up again.
Rent is Increasing
All around the country—from Nashville to Pittsburgh to San Antonio—the cost of rent is increasing. Unfortunately, the Triangle and Wayne County areas are no exception. In fact, rent increases in the Triangle are outpacing the rest of the country. While the average rent in the area is still lower than the national average—coming in at just over $1,100 compared to $1,405—the record-high national numbers spell trouble for renters almost everywhere.
Additionally, rent in the Triangle is increasing at around 3.8% a year, compared to 3.3% nationally. It might come as a surprise, but many mortgage payments in the Triangle and Wayne county are cheaper than the average cost of rent.
Competition is Slowing Down
As we exit the spring season, the market starts to tip in buyers’ favor. Typically, summer, fall, and winter see less demand for homes, which means sellers are more willing to accept lower offers.
Plus, with less competition, you can take a little more time to consider your options, rather than having the pressure of making an offer within the same day.
Find Your Home in the Triangle or Wayne County
If you’re gearing up to buy a home, this year brings plenty of benefits. From low mortgage rates to less competition, it’s a prime market for buying!
When you’re kicking off your home search, consider enlisting the help of the Stonedale Realty Group. In addition to our area guides and buying resources, we also have years of experience on the local market, perfect for finding your dream home at a dream price.
If you’re ready to get started, just give us a call!