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Best Time to Buy is Now, Before Interest Rates Go Up

In 2013 expect interest rates to start going up.

In 2013 expect interest rates to start going up.

Why is now the time to buy? Many experts in the mortgage industry expect mortgage rates to be higher towards the end of 2013 than at the beginning of the year (right now).

With housing prices continuing to increase in South Florida not only is now the time to buy, it’s also the time to sell. Right now a seller will be able to get a significantly higher price for their property than in years past and will be in position to purchase a new property and take advantage of today’s historically low mortgage interest rates. In todays marketplace it’s a win-win for buyers and sellers to buy and sell now.

Jay Brinkmann, Chief Economist and Senior Vice President
of Research and Education
of the Mortgage Bankers Association stated, “Mortgage rates are likely to stay below 4 percent through the middle of 2013, principally due to the announced ongoing purchases of mortgage-backed securities by the Federal Reserve under its third round of quantitative easing program.”

The Zillow home value index of 2012 for the city of Coral Springs, FL increased in value by over 10% during 2012 (0.8% increase in value per month on avg.) and that trend has continued into 2013. A buyer looking to purchase a home can take advantage of historically low interest rates that are foreseen to increase this year and with increasing property values it’s easy to see that now is the time to buy.

Sellers are also in a great position as they can expect to get top dollar for their property and can also expect a short marketing period in selling their home. The current demand heavily outweighs the supply in Coral Springs as well as South Florida.