With the news of rising mortgage rates, many potential West Knoxville buyers have been wondering the same thing: is now still a good time to buy a West Knoxville home? The simple answer is, yes, it is absolutely still a great time to buy a West Knoxville home. But if you’re still not fully convinced, here are a few reasons why now is still a great time to buy a home.
Even though mortgage rates have inched up, interest rates are still historically low. Interest rates are lower than two years ago and much lower than the historical average, which is around 8%. So, don’t let a slight rise in interest rates deter you from buying a West Knoxville home this year. Rates may be slightly higher than they have been, but in comparison to the past, mortgage rates are still very low. There is no staying what interest rates will continue to do, so if you’re thinking about buying a West Knoxville home, now is the time to get out there and start shopping.
As mortgage interest rates continue to climb, so do West Knoxville home prices. In the past few months, home prices have been slowly but surely rising, but they’re still not to the peak housing levels, which means housing prices are still lower than what they were a few years ago. They’re not quite where they were a few months ago, but you can still buy a West Knoxville home at a historically low price and there are a lot of great buys out there on the West Knoxville market.
Even with interest rates and home prices increasing, keep in mind buying is still cheaper than renting. Not to mention, that when you buy a home you get much more bang for your buck. As a homeowner, you can afford more space, have a backyard, a garage, and more storage than if you are a renter. Also don’t forget that when you rent you throw money away, but when you buy your money goes towards an investment.
Finally, it is important to remember the whole slew of benefits that come with owning a home. As a West Knoxville, your monthly mortgage payment is going towards an investment every month. You can also receive many tax deductions for owning a home. Not to mention, the intangible benefits of owning a home. It is truly great to have a place to call your own and to be able to customize it as you want.
Are you thinking about buying a West Knoxville this year? Please let us know if there is anyway that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at [email protected]. Also, be sure to check out our West Knoxville Home Search Page.