You may want to consider buying a home now.
There are a handful of reasons why you should get off the fence and buy a home now.
Mortgage Rates have fallen to the lowest level since June 2013 and this gives you more buying power. The Mortgage Bankers Association reported Wednesday that the rate on the average 30-year fixed-rate loan fell to 4.2% last week, from 4.3% the week before. Rates stood as high as 4.72% at the beginning of the year. If you are thinking of buying anytime in the near future, you should take advantage of the great rates and lock in the potential to save over the long term.
Real Estate consistently outperforms other investments over time. Once again, people have spoken in this regard. The Gallup organization conducts an annual report entitled the Economy and Personal Finances Poll, which asks Americans to choose the best option for long-term investment. It was no surprise that real estate returned to the top position over other investment categories (gold, stocks/mutual funds, savings accounts/CDs and bonds). Plain and simple, real estate is just a great investment vehicle.
The Long Island housing market is still a little heavy on inventory which means there are more homes to choose from and pricing of homes may be somewhat flexible. Currently, there are 174 homes for sale in Smithtown with a median price of $475,000. Watch our market video for more information on the Smithtown market. Realtor.com reports an average selling price of $488,000.
Take advantage of the great opportunites in the marketplace today!