Should You Buy A Livermore Valley Home Now?

MortgageLoanIf you’re thinking about buying a Livermore Valley home now, or in the near future, chances are you’ve been keeping up with real estate market news. In a quick summary of what’s going on, home prices and home sales are rising fast in California, mortgage rates have been increasing, and inventory is going up.

What does this all mean for you? It means if you’re looking to buy a home, as your Livermore Valley real estate agent, I recommend that you do it now! The longer you wait, the more expensive your monthly mortgage payments will become. Check out this graph for mortgage rate statistics.

Even though you’ve already missed the bottom in home prices and mortgage rates, there are still great reasons to buy right now. For one, it’s cheaper to buy now than if you wait, and by historical standards, home affordability is still higher than average!

Here are five more reasons to buy now, according to The Fiscal Times:

1.  Home prices are still rising. This means that even after four straight months of climbing, price still remain about 26 percent below their 2006 peaks. You should buy before they rise more.

2.  Mortgage rates are still low by historical standards. Even though they’ve risen quickly in the past couple of weeks, they’re far lower than long-term averages of 8 percent! They are currently below 5 percent for a 30-year rate, and even lower for shorter-term loans.

3.  It’s getting easier to get a mortgage. The upside to increased mortgage rates is that lenders ease up a bit on their lending standards. If your credit score isn’t top notch, or you don’t have a high down payment saved up, this is good news for you!

4.  Buying is still cheaper than renting. Isn’t that the bottom line, anyway? Why not buy a home if you’re going to save money and grow equity? Right now, it’s 37 percent cheaper to buy than rent, as long as you plan on staying in your house for a few years.

5.  You won’t have to compete with investors. These past couple months have been hard for homebuyers, because inventory was low and investors were sweeping up what was available. Now, investors are pulling out and inventory is increasing.

Now that you see the perks to buying a Livermore home now, contact me! As a Tri-Valley real estate agent, I can help you through the process and narrow down the homes in the Livermore Valley real estate market, until we find one that fits your budget and your needs. Talk to you soon!

John Kurtzer
Your Livermore Real Estate Expert
RE/MAX Accord

Livermore Real Estate
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