With rising prices and dwindling inventory and frequent bidding wars, you might think right now isn’t a good time to buy a house. But it very well may be. Despite all the intimidating real estate market news, there are still some encouraging things going on. Interest rates, for example, are still very low, and there’s actually more inventory than it seems at first glance. So let’s dig a little deeper and see why Louw Lochner Properties thinks you should buy a house right now in Port-Elizabeth.
1. Low Bond Interest Rates
Historically low-interest rates definitely make right now a good time to buy a house in Port-Elizabeth. Louw Lochner Properties and nearly everyone else agrees that home buyers should take advantage of these rates before they go up.
“If you purchase a home right now, you will be paying less to borrow more money . . .
Although rates have been dropping over the past several years, “no one expects rates to stay this low forever.”
2. The Market Won’t Drop
On the face of it, there seem to be some similarities between what’s going on in the real estate market now and what happened during 2004. And because of those apparent similarities, many potential home buyers are waiting for the market to drop – and for prices to drop dramatically. But that’s not likely to happen anytime soon if at all.
3. There ARE Plenty of Houses for Sale
A common thread running through most discussions about real estate is that inventory is painfully low, that there are just too few houses to meet the demand. That’s true in part, but there are in fact houses to buy, which makes now a good time to buy a house in Port-Elizabeth.
Yes, there is a housing shortage, but “the number of homes for sale is increasing, which means more choice for potential buyers. More choice is a good thing. Buyers can be picky about finishes and features that they would have likely been stuck with if they bought a home just a few years ago. Now, real estate agents can find the perfect house for their clients—because there are a lot more houses to choose from.”
Still, there’s no getting around the fact that although the number of houses for sale is increasing, there remains a shortage. Your best bet, then, to find the house you want is to work with a Port-Elizabeth agent. To discover more, just call .
4. The Potential for Fast (And Possibly Substantial) Equity
Another reason the folks at Louw Lochner Propertiesvthink you should buy a house right now in Port-Elizabeth is that, with rising home prices, you have the potential to build equity fast. If you buy a house now and prices continue to increase at current rates, your home will be worth much more in a short period of time.
“Prices have risen over 6% in the last year, giving homeowners — even newly minted ones — serious profits when they decide to sell. Buying now would give you a chance to capitalize on this growth and really build up your equity fast.”
Of course, the rate of price increases (or whether they increase at all) varies from market to market. So be sure to consult your [market-city] agent at before taking the plunge.
5. Owning Still Better Than Renting (Usually)
If you’re currently renting, right now just might be a good time to buy a house in Port-Elizabeth because, more times than not, owning your own home beats renting. There are two main reasons owning is better:
- Your monthly payments don’t change
- You’re building equity and wealth.
As a renter, your monthly rental payment is tied to your landlord’s whims. If she wants to raise your rent, then she does it. But as a homeowner, your monthly bond payments are locked in, and you always know what you’ll have to pay each month.
In addition, “when renting, you’re building your landlord’s wealth . . . your monthly payment depends on rising rents, and you don’t benefit from home appreciation. When you own property, you’re building your wealth. Your monthly payment is locked in, and you benefit from appreciation. Homeownership – and the equity it brings – is still a key factor in wealth building for most Americans.”
Importance of a Port-Elizabeth Agent
These reasons why Louw Lochner Properties thinks you should buy a house right now inPort-Elizabeth are indeed some compelling reasons. But even though now is a good time to buy, the market is not without some difficulties in its current state. That’s why you need to work with an experienced local agent in Port-Elizabeth. If you’re ready to take advantage of this opportunity and buy a house in Port-Elizabeth, contact us today at .