The Real Estate Browser Volume 9, Issue 5 | Page 14

14 — Say you saw it in The Real Estate Browser of Lynchburg — Volume 9 Number 4
www.LynchburgRealEstateBrowser.com
Home Inspections and Appraisals:
Why Is NOW Such a Good Time to Buy a Home?
By Sherry Brady, Branch Manager, Summit Mortgage Corporation
Have you been wondering
whether now is a good time to buy
a home? Let me tell you that the short answer
is yes! For many people – especially the last few
years – this decision is largely driven by interest
rates. Where are the rates now? Are they going
to go lower? The answer to that is that it’s impos-
sible for anyone to know where interest rates are
going to be in the future, but it’s a safe bet right
now to say that the “bottom” has already been
reached, and now, they are on the way back up.
Mortgage interest rates really made a notice-
able move up last December, and they have been
on steady upward trend ever since. With the
economy strengthening and on track to reach the
benchmark inflation targets that the Fed set to
start normalizing rates, the Federal reserve has
now indicated that it will most likely raise rates
three to four times this year alone.
If you’re a prospective homebuyer, there’s no
need to panic though! Rates are still historically
low. The average 30-year mortgage rate over the
last 30 years has been about 6.5%, so we are still
well beneath that. However, given the current
forecast of rising rates and somewhat of a short-
age in housing supply, you may want to be pre-
paring to “make your move” sooner rather than
later!
If you want to take advantage of the still great
rates, you need to be ready and you need be pro-
active. Don’t miss your chance to maximize your
buying power! Higher rates will mean you can
afford less home for the same amount of money.
And a shortage in supply will mean that the price
of what is available could command a premium.
If you’re hoping to buy a home this year, don’t
wait! Contact us to get pre-approved today, so
you’re ready to jump when you see your perfect
home come along! In this market, being pre-
approved by your lender and having a qualified
Realtor in your corner is absolutely necessary to
your success. Right now, houses are going under
contract before they even formally hit the market
in many cases. And when a great house does
hit the market, it’s going under contract in hours
sometimes, and often with multiple offers in a
bidding war!
Summit’s highly qualified and experienced
team is ready to help you! We have virtually
every loan program available; whether you’re
a first-time homebuyer with no money to put
down, or you are selling your current home and
buying another, we have a perfect loan solution
for you.
Let us help you get prepared to win the bid
on home of your dreams! And if you don’t
have a Realtor you’re working with already, we’d
love to recommend one of the trusted profes-
sionals we work with. Go online to www.
LynchburgLender.com or call us at 434-237-
1027 and let us help you GET MOVING!
Sherry Brady, NMLS 217258, Summit
Mortgage Corporation NMLS #1041, nmlscon-
sumeraccess.org, Equal Housing Opportunity.