As we move swiftly into spring, many of us have home sweet home on our mind. Maybe you’re selling your home. Or, maybe you’re buying your first home or moving to a new one. Or, you’re considering some much-needed home improvements. All of these home-related activities often make their way into many people’s lives as spring rolls into town. And, this spring in particular stands out from years past. Why?
Historically, late spring/early summer has become commonly known as “home-buying season.” It’s earned this name for many reasons—kids graduating so parents decide to move, popular time for people to change jobs, ideal weather conditions for moving-related activities, etc. However, this spring, there’s a much larger reason that makes this home-buying season top them all. Affordability.
According to the National Association of Realtors®, “housing affordability conditions have reached the highest level since recordkeeping began in 1970.” The NAR’s Housing Affordability Index rose to a record high of 206.1 at the beginning of the year. Paired with low mortgage rates and stagnant home prices, now is an ideal time to buy.
If you’re renting, you have an extra reason to jump on this bandwagon. According to CNNMoney.com, owning a home has become easier on the wallet than making a rent payment in almost every part of the United States. It reported that asking prices for homes declined 0.7% over the past 12 months while rents soared up by 5%.
Take advantage of this time, especially if you’ve already had the idea of buying a new home on your mind. Buying a home is a large investment, but buying at the right time can make it one of the most valuable investments you ever make. Have a question? Comment below or contact an Arvest Mortgage Lender today.
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