Why You Should Be Buying Asheville Real Estate In 2017

Dated: 02/06/2017

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Why You Should Be Buying Asheville Real Estate In 2017

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In recent years the trend in mortgage interest rates has been a downward one, giving more buyers the opportunity to purchase a home. Despite Asheville home prices surging during the past few years, the historically low interest rates made it more feasible to buy a home. Mortgage rates are still great, however, they are expected to steadily climb over the next year.

With two interest rate hikes in 2016 and more planned for the upcoming year, the window to take advantage of these historic lows is closing. According to the Federal National Mortgage Association, also referred to as Fannie Mae, 30-yr Fixed Rate mortgages are expected to rise up to 4.3 percent by the fourth quarter of 2017. This rise is a significant contrast to the 3.7 percent rates that were seen in early 2015. This could potentially cost a buyer an additional $84 a month and $1008 annually, if we consider the average price for a home in Asheville at $242,900.

With the continuing rise in the cost of homes on the market combined with an increase in the cost of borrowing, many first time home buyers could end up getting priced out of their market. While this can be a cause for concern, the increase in these projected rates won’t happen overnight so there is still time to take advantage of the favorable interest rate conditions while they last. According to recent statistics the value of homes in Asheville increased by over 8% in 2016 but will continue to rise in 2017 at a more modest rate, at just over 3%, which is more than half the previous years growth. This is a fantastic opportunity for buyers in the Asheville, NC market to take advantage of the steadying home prices and significantly low interest rates.

Would you like to know if you are in a position to purchase a home this year? The first step is to call Kim Winters with Movement Mortgage. She and her team are ready to get you pre-qualified, sit down and chat with you about which loan suits you best and get you that pre-approval. Their application process is quick and simple, just click here.

Once Kim and her team have you pre-qualified give The Streppa Team a call to begin your search for your very own piece of Asheville, NC real estate! 

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Skye Streppa

Skye Streppa is an Asheville native who holds a wealth of local knowledge and a depth of character found only in the mountains of North Carolina. His attentive advocacy to his client’s needs creat....

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