A GOOD TIME TO BUY OR SELL

If you dive into some of the most robust reports in the real estate industry, you’ll find that now is a very favorable time to sell your home. The latest consumer findings from a National Association of Realtors survey revealed that 46 percent of people considered the middle of 2019 an optimal time to sell a home, up from prior surveys. An increased number of Americans also think that now is a good time to buy a home, and of those respondents, 38 percent answered that they strongly believe that notion, and 27 percent said they moderately believe the present is a good time to buy, according to the NAR.

CONSUMER ATTITUDES

Respondents to the 2019 NAR survey were also asked to share their thoughts on future home prices in their neighborhoods. Forty-three percent said they believe prices will remain the same in their communities over the next six months, while 49 percent said they expect to see a price increase in their communities over the next six months.

Among those surveyed who do not own a home, 27 percent said they believe it would be very difficult to qualify for a mortgage due to their financial state. Thirty percent said it would be somewhat difficult to qualify.

HOW TO FIND THE RIGHT TIME

Knowing the right time to buy a house is a key factor in finding the perfect fit for you and your family. Data shows that U.S. home prices cost about 8.4 percent less in the first two months of the year than they do in July and August, according to the NAR.

CONSIDER INTEREST RATES

In the past few years, the Federal Reserve has sustained a policy of raising interest rates to keep inflation low and the economy stable. In early 2019, 30year fixed mortgage interest rates rose to between 4.5 and 5 percent, depending on the lending institution. Interest rates were much lower in 2017, when home buyers could secure a 30-year fixed-rate mortgage for less than 4 percent.

This change may seem slight, but every interest percentage point can make a big difference on total interest paid over the life of your mortgage.