When looking for a house, it is increasingly important for buyers to consider the market at that time. One must take into account a number of factors—neighborhood preference, maintenance costs and move-in readiness, to name a few. Above all these, there is the make-or-break factor in one’s decision to buy: the mortgage rate. Luckily, for eager buyers currently in the market for a new home, there is no better time than the present.
With mortgage rates currently at 3.48 percent due in part to the recent “Brexit” fallout— nearing the all-time low of 3.31 percent for a 30-Year Fixed Rate in 2012—even Freddie Mac’s chief economist predicts “solid home sales and refinancing volume this summer.” These low rates can dramatically increase one’s purchasing potential, opening new doors for buyers and possibly even allowing families to move into their dream homes.
And while these rates mean fantastic opportunities for families looking to buy a home, this news should also excite all those looking to sell their homes. With a decrease in mortgage rates comes an increase in eager buyers that are looking to capitalize on the market’s fluctuation.
This excitement for sellers should also take into account the May 2016 report from the Grand Rapids Association of Realtors, which revealed an increase of 7.5 percent in the average sales price for homes in West Michigan. With this seller’s market and the increase in opportunity for buyers, West Michigan proves to be a perfect place for families to settle into their ideal homes.
Sable Homes is building 11 neighborhoods in Kent, Allegan and Barry counties. Are you in the market for a new home? Browse our available properties.