I'm terrible about this blogging stuff. But I'm giving it another go as the new year sets in to attempt to regularly share content that may be helpful for!
Thinking of Buying in this New Year? Here's a link to shared steps to help you get ready To Buy Your First Home this Year. And although Mortgage interest rates bounced up a bit after the November election, over the last few weeks they have tipped back down to maintain around 4% on 30 yr/fixed! Very affordable!! AND FHA has just announced reduction in the Private Mortgage Insurance rate (PMI), from 0.85% down to 0.60% - which is awesome news for those with only 3.5% cash to put down!!! That's a savings of approximately $40 per month on a $200,000 purchase!
Our area (Glens Falls and surrounding regions) is low on fresh inventory, which is typical with this cold and snowy time of year. A Seller's market presents itself at this time, mostly due to the low inventory of desirable homes. So new inventory is needed, especially in the "affordable" range (under $220,000). However, there are lots of foreclosed properties needing improvement or repair available for those interested with the cash means and capability.
I think 2017 is going to be a good year for buyers with associated costs improving and loan programs expanding. And for owners of existing homes looking to upgrade, downsize, or satisfy a needed quality of life change like single floor living or relocating to warmer climates - NOW is a great time to sell! You can beat the Spring competition and sell faster so you can also take advantage of the same low rates and incentives on your next buy!
Wishing all a happy, healthy and rewarding New Year!