1. Home Prices Rising: The Minneapolis, St Paul market, home prices have risen 15.1% in the last 12 months. The bottom of the market has come and gone. But there is a lot of room for upward movement. If prices continue to rise, and you buy now, your equity will begin to build as soon as you close.
2. Builders Are Building Again: Land costs more, materials cost more, labor costs more. This means new home prices are going up, too. Buying today may be your best option because the cost of new constructions isn’t likely to decrease.
3. Mortgage Interest Rates Still Historically Low: Interest rates are up from a few months ago, but still in the mid 4% range (as of today). This is still considered fantastically low. Mortgage interest rates are projected to be in the mid 5% range next summer, so buying today and locking in a super low rate is a smart move.