The housing bubble has popped and now we are facing rapidly rising home prices in many parts of the country.
If you want to buy a home, but have less than perfect credit, you need to put your plan into high gear. If you wait too long to restore your credit and buy a home, you may end up paying FAR more than you should (for less house than you want).
What’s behind these rising home prices?
There just aren’t enough homes to go around today – especially in the first-time-buyer price range.
Believe it or not, Millennials actually outnumber Baby Boomers – and with the recent uptick in the job market, many 20 – 30 year olds are settling down and buying homes for the first time. Experts say we’re going to fall short this year by about 200,000 new homes based on current market demand. That means that the buyers with the best credit scores are going to have a much better chance of actually buying a home this year.
With so many buyers in the market, the banks can have their pick of the crop.
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Interest rates are on the rise
Economists and housing market watchers expect 30-year fixed mortgage rates to rise by about half a percentage point by the end of the year. While that doesn’t seem like a large increase, it adds up over time. On a $200,000 home, that half-point of interest could mean an extra $20,000 out of your pockets over the course of the loan.
The longer you wait, the more your house will cost you in the end.
High urban land prices
In cities throughout the country, land prices are also rising. In order to still make a profit, builders have to build bigger, more expensive houses. As this trend continues, we’ll see even fewer homes available in the first-time-buyer price range.
Rising home prices aren’t the only thing you have to worry about, either. Rents are on the rise, too. This just makes it even harder for renters to save up the money they need to a down payment.
Moral of the story… don’t put Credit Restoration off any longer if you hope to buy a home within the next several months.
Procrastination will be costly. If you wait too long, you may find your path to home ownership has taken an indefinite detour.
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If you have any questions, please give us a call at 770-952-5168 or contact us online.
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This information is intended for informational and educational purposes only and not as legal advice. If you have concerns about your credit report, harassment, identity theft, illegal collections activity, garnishments, or property liens, you should consult an attorney who specializes in consumer rights and defense.