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As reported recently by the New York Times, potential home buyers are weighing whether to jump in now or risk paying more by purchasing a house later.
Home prices are rising rapidly, particularly the Sunbelt states. Some economists have also predicted that the 30-year fixed-rate mortgage is expected to also move from its 3.5 percent average to above 4 percent some time later this year.
For buyers who are able to qualify for financing, “getting in a little earlier would be preferable before prices and rates rise too much,” says Lawrence Yun, chief economist for the National Association of REALTORS®.
Additionally, the Federal Housing Administration will raise mortgage insurance premiums on its loans by up to 0.10 percent of the loan amount as of April 1.
“But with housing inventories so tight in many areas, some buyers may want to wait until more homes come on the market. Buyers may need to make a trade-off: Act now to get the best financial deal or wait for more homes to come on to the market but risk paying a bit more”, as told to the New York Times by Yun.
Source: “The Time, and Place, to Buy,” The New York Times