According to a recent REALTOR® Magazine report, the average rate for a 30-year fixed mortgage increased from 4.46 percent to 4.61 percent last week.
Many industry experts believe that homebuyers will begin purchasing more rapidly as interest rates increase in order to avoid higher payments in the future.
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Committing to your first home purchase can be an incredibly difficult decision to make. In addition to questions about rooms, lot sizes, and relative location to schools and other amenities, you may also find yourself wondering: Do I see myself in this home 30 years from now?
In the past, the general consensus was that your first home should be ideal, and include everything you would ever want in a house, both now and in the future. However, some market experts today suggest that buying a starter home could be a wise investment.
Fortunately, a number of online guides are available. A recent Realty Times article provides some tips for the first-time homebuyer. The article helps you find your budget, pick the right neighborhood and schools, and more. A link to the full article is located below.
For more detailed tips and information, please contact one of our real estate professionals, who are trained to guide you through every step of purchasing your first home!