The Great Recession inflicted a huge damage on the United States' economy particularly on the housing market. Many prospective buyers are now hesitant to invest their hard-earned money in a home for fear that the prices have hit a high point yet again. They believe that buying a home this month means the value of their home purchase will only decrease.
DeBianchi Real Estate CEO and former "Million Dollar Listing Miami" star Samantha DeBianchi thinks otherwise and she recently proved why this December is the best time to put your money in a home.
DeBianchi pointed out that there is currently a "very hot" real estate market across the country. Home values rose in 236 of the 276 cities tracked by Clear Capital. Places such as Miami, Seattle, Dallas, Denver and Pittsburgh saw an increase in home values this year. DeBianchi said that this data should motivate buyers who are ready to make a purchase as inventories are slowly shrinking.
DeBianchi also emphasized to prospective buyers due to changes in the Federal Reserve's policies, rates are going to start rising soon. After years of maintaining the near zero rate, the Federal Reserve has recently announced an increase in their rate. This will certainly affect mortgage rates too.
"Why pay more for the same piece of property when you can close the deal now at a lower rate? Also, closings in January provide the best discounts for home buyers so it makes sense to do it now if you can," DeBianchi advised.
She also cautioned renters that the coming year is not a good time for rentals. "The rental market isn't very attractive right now because rent prices are sky-high," she explained. Additionally, rent affordability isn't expected to improve for at least a couple more years.
DeBianchi also mentioned that mortgage rates are more affordable this month and based on her professional experience as a real estate agent, she believes that the market hasn't peaked yet.
