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4 reasons why NOW is a great time to buy a home!

Shawn Von Talge



06-25-2015

American DreamThe “American Dream” is alive and well. Despite all of the regulatory challenges and the sluggish economy there’s never been a better time to purchase a home than there is today. Why, you might ask? Consider the following four trends we are currently seeing in the real estate/lending market:

▸ The home appreciation rate in Missouri is 3.26%. This is below the national average of 5.20% but both rates are at healthy and sustainable levels. What does this mean? Simply put a home is a great place to invest your money and build some memories!

▸ Interest rates are still at historically low levels. Today’s 30-year fixed rate mortgage (Conventional financing w/ 5% down) is 4.250% (4.358% APR). That’s extremely cheap money and allows you to buy more home than you’d be able to down the road if interest rates were to go up.

▸ Rental rates are on the rise and vacancy rates are down. In fact, as of the end of March “shelter and rent” rates were up 0.3% for the month. The simple fact is that renting is becoming more and more expensive.

▸ Many lenders are relaxing their guidelines and lowering their credit score requirements. This makes it easier for more borrowers to qualify than has been the case in recent years.

As always consulting a qualified mortgage professional is an ideal way to start evaluating your home buying options.

Thanks for reading!

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