There are reasons you should buy right now and ways to prepare for your move.
Stop hesitating and pull the trigger. Right now is the time to buy and we may not see an opportunity like this for some time.
The rates hikes are coming! The rates hikes are coming!
Since the 2016 election, the interest rates of mortgages have gone up. If you have been paying any attention to the market lately, you know the rates are not done rising.
When the economy is considered healthy, the Federal Reserve raises interest rates to balance out the market. So why wait for a higher rate? Even if you are not 100 percent ready to buy a home, you should be in contact with a lender to get pre-approved for a loan.
That way you can start the process of locking in an interest rate now as opposed to a higher one down the road. You’ll be prepared by the time you’re ready to purchase.
Beat the competition.
It’s beginning to look a lot like spring; sunny days, pool attire and, like interest rates, the inventory of homes for sale is increasing as well.
Spring is notoriously the busiest season in Phoenix, but the number of homes on the market is down from this time last year. During this time of year, cash is king and the cash buyers are hunting for homes.
The sooner you secure a home, the sooner you will relieve the possibility of multiple offers coming in on the home you want. Avoid a fiscal fist fight over a home and start looking now.
When comparing the cost to rent a home with the cost to buy a home, you have to include everything. For purchasing, your mortgage should already include rent, pmi, taxes plus HOA fees you have. That equals your grand total.
With renting you need to include your security deposit, pet deposit, renter’s insurance and the increase in rent from lease to lease. Rental rates have been at a steady increase for many years throughout the Valley.
Purchasing a home in Phoenix may still be more affordable than renting, but that’s likely to change in the near future. With interest rates and rental rates on the rise, now is the time to explore purchasing.
Now that you’re ready to buy, let’s get ready to move.
There are many things that get overlooked when moving into a new home. The excitement can get the best of most people.
After you have purchased your new home, make sure to change all of your locks, garage codes and any entry points to the home. This does not make you paranoid, it makes you responsible. Then, take the time to really familiarize yourself with the home.
Where are the water and gas shut off valves? How about your electrical box and water heater? Have you learned how to operate your sprinkler system and pool equipment?
Knowing your home prepares you best to take care of your property. Most new buyers agree that a clean house is a happy house. Consider hiring an extensive cleaning crew to do a deep clean – including carpets, cabinets, attics, garages, etc.
Next, make an effort to meet your neighbors. Your new neighbors may be planning to come introduce themselves after they see you moving in, but beat them to it. Getting to know your neighbors and joining neighborhood groups like Next Door and Block Watch can help you feel more secure and connect with other home owners in your community.
Lastly and most important… enjoy your new home!
-Bonny Holland, of Keller Williams, Sonoran Living in Ahwatukee Foothills, can be reached at 602-369-1085, leadingluxuryexperts.com or on Facebook and Twitter.