February 2017 Local Market Update
We've been telling you to take advantage of low mortgage rates for the past few months because as of now, rates are on the rise. Don't worry too much because rates are right where they were in January 2016. At some point, even if interest rates go up to 5%, is that too high? No! In the 1990's, rates were as high as 8%. We are still at a historically low rate.
Experts like us think that over the next several years, by 2020, homes will have increased in value between 10 and 21%. That's a great investment! Think about this - if a person bought a home today worth $250,000, that same home could be worth over $290,000 by the year 2022, which is a $40,000 increase just within five years! So, if you are thinking about renting instead of buying, you might want to reconsider after analyzing the potential growth.
If you are thinking of selling, you should start acting now! Don't wait until the Spring when the number of homes on the market increases, lowering the demand for yours. Historically, the number of homes for sale increases substantially in the months of April and May. Don't get lost in the mix! Inventory is low which equals more demand for your home! So let's get your home on the market today. Give us a call - 215-757-7257 or email TheSwainTeam@gmail.com
Carol Swain. A senior real estate specialist with 25+ years of experience in the real estate industry.