New season, new opportunity to start fresh in a new Chetek WI home! While you may think of summer as the busy real estate season, that doesn’t mean your time to buy is up once fall rolls around. Now is actually one of the best times to buy a home in the City of Lakes, and as your local real estate experts, we’ve outlined four reasons why below!
Mortgage rates are expected to rise
While they may still be hovering around historic lows, mortgage rates won’t stay this way forever! In fact, 30-year mortgage interest rates have already increased half a percentage point and are expected to rise again over the next 12 months. By this time next year, projections have rates around 5.1% which means you’ll end up paying more for a mortgage if you wait to buy!
Home prices are rising
Many Chetek WI residents are wondering where home prices will go over the next year and the answer is UP! According to CoreLogic’s Home Price Insights report, home prices will continue to rise at a rate of 5% over the next year!
You’re paying a mortgage either way
It may not have occurred to you to think of it in these terms, but no matter if you rent or buy, you’re still paying a mortgage! If you buy a home, it’s your own mortgage, whereas if you rent, you’re paying down your landlord’s mortgage. Homebuyers do have the benefit of building equity once they’re in their new home, which can help you build your family’s wealth, but renters are essentially helping their landlord build his.
Winter is coming
While it’s true that real estate deals are made regardless of the season, you’ll want to take into account that the busy holidays are coming— along with the snow and cold of a Chetek winter! Ask yourself if you’d prefer to take advantage of market conditions now while the weather is still favorable for a move or pack up and move homes when the temperatures aren’t so nice!
Don’t sit around and wait for the market to change with the fall colors, now is the time to act! Give Six Lakes Realty a call today to get started on your Chetek area home search!
We look forward to hearing from you!
Six Lakes Realty
Office: (715) 924-4806