<center>The Stages of House Buying Readiness</center><br><center><a href="http://figure8re.com"><img src="http://i.imgur.com/wkF55FE.jpg" title="Figure 8 Real Estate Group" /></a></center><br>Many buyers go through certain phases of preparedness along the course to buying a home. The first stage is personal readiness. This is when purchasers weigh their alternatives and decide if they are, in fact, ready to buy a residence-- economically, emotionally, and otherwise.<br><br>Common questions throughout the first stage consist of: Do I make sufficient money to cover the month-to-month home loan payment? Can I afford a down payment? Will I be staying put for a while, or moving once more in a couple of years? Am I prepared for the concerns connected with homeownership? Or am I better off renting at this phase in my life?<br><br>When a person has actually finished all this soul searching and chosen in favor of buying, she or he moves into the next stage of preparedness. Now the question becomes, should I buy now or wait to see what the market does? This appears to be where you are right now. Should you acquire a home now or wait up until 2015? And if you do wait, will you be better or even worse off when you lastly purchase? Let's peel away the layers ...<br><br>Buy Now or Wait Till 2015?<br><center><a href="http://figure8re.com"><img src="http://i.imgur.com/jeBh0PA.jpg" title="The Best Realtors in Silver Lake" /></a></center><br>In the 2nd stage of preparedness, it's all about market timing and trying to obtain the very best offer on a house. You want to buy when house costs and mortgage rates are relatively low, or a minimum of prior to they rise any further. The problem is that the rock-bottom costs and interest rates lag us. So you would probably need a time device to get a much better offer than what you might get today.<br><br>But what about next year? Could you conserve money by postponing your purchase till 2015? On the prices side, a lot depends on where you live. House costs are local in nature. Some regional real estate markets are valuing rapidly at the moment (like lots of in California), while other markets are sputtering together with only 1 % or 2 % yearly gains. Others are flat and even decreasing.<br><br>So we need to be careful of making broad generalizations about exactly what "the" U.S. housing market will perform in 2015. In reality, there isn't really one nationwide housing market, but hundreds of micro-markets. So you have to discover what's happening in your neck of the woods, and exactly what is expected to take place over the coming months and years.<br><br>Nobody has a crystal ball. However there are lots of enlightened guesses out there, and they can assist you make a better-informed decision. This will certainly help you choose whether to buy a house now, or wait up until 2015.<br><br><center><object width="475" height="297"><param value="http://www.youtube.com/v/xp5BMneWkrw&showsearch=0&rel=0&fs=1&autoplay=0&amp;ap=%2526fmt%3D22" name="movie" /><param value="window" name="wmode" /><param value="true" name="allowFullScreen" /><embed width="475" height="297" wmode="window" allowfullscreen="true" type="application/x-shockwave-flash" src="http://www.youtube.com/v/xp5BMneWkrw&showsearch=0&fs=1&rel=0&autoplay=0&amp;ap=%2526fmt%3D22"></embed></object><br /><a href="http://www.youtube.com/watch?v=xp5BMneWkrw&fmt=22" target="_blank"></a></center><br><br>Will Mortgage Rates Increase Next Year?<br><br>Ask ten economists if home mortgage rates will be greater at the end of 2015 than they are right now, and at least 9 of them will say yes. Maybe all ten. The basic consensus amongst housing analysts is that rates will certainly rise progressively over the coming months. I discussed this a number of weeks ago (see our pack of predictions for 2015).<br><br>The most affordable rates of all time took place in 2012. In November of that year, the average rate for a 30-year set home mortgage (FRM) fell to an unbelievably low 3.31 %. Don't anticipate it to be that low again anytime soon. The present average at the time of publication was 4.23 %, and it's expected to rise additionally in 2015.<br><br>We simply came out of a three-month duration of unusual rate stability, as you can see in the chart below. You'll observe the relatively flat line on the best side of the chart, in between June and September of this year. Rates changed hardly any throughout that period. Today, nevertheless, the 30-year average rose 11 basis points (0.11 %) from 4.12 % to 4.23 %.<br><center><a href="http://figure8re.com"><img src="http://i.imgur.com/bOQnKtQ.jpg" title="Top Rated LA Real Estate Pros" /></a></center><br>Bottom line: A lot of economists expect to see a progressive increase in rates between now and completion of 2015, with the 30-year typical ending the year somewhere in between 5.5 % and 6.0 %.<br><br>Just remember that loan pricing can vary a fair bit from one week to the next, even though the basic trend might be upward or downward. In the chart above, you'll see that rates are currently lower than this time last year. However they also increased at the start of 2014. So there are "micro-trends" and variations, even though the annual trend might be up or down.<br><br>As a house buyer, you cannot actually "time the market" from one week or month to the next. The very best you can do is study the yearly forecasts for lending rates and local house rates, and make an informed decision based upon that.<br><br>What About U.S. House Prices?<br><br>When choosing whether to get a house now or in 2015, you must also think about regional pricing trends. "Local" is the keyword there. Residence values in most U.S. cities have risen over the in 2013, and will likely remain to rise over the coming months. But there are still pockets of depreciation here and there.<br><br>As I composed earlier this month, economists have actually told a general "cool-down" in property values. They anticipate them to keep increasing through 2015, however not as much as they increased over the in 2013 or so. But we're talking about the national trend right here. Things get far more varied, and less foreseeable, when you drill down to the city and metro level.<br><br>If present market conditions and trends are any indicator, house rates will likely increase most in California and the Southwest over the coming months. More moderate gains can be anticipated throughout much of the country. Some cities in New England and the Midwest could really see declining values through this time next year. The rate of interest projections pointed out above basically apply to the whole nation. However price projections are local in nature. They vary from one housing market to the next.<br><br>So, should you purchase a house now or in 2015? This is an individualized question that can not be answered across the board. But based upon the basic consensus among housing analysts and economists, it appears the postponing a purchase up until later in 2015 could be expensive. You could end up paying a higher home loan rate, in addition to a greater rate for your house. But once again, the latter will depend on your local housing market. So make sure to do lots of market research at the local level.<br><br> <a href="http://figure8re.com">Sell Your Hollywood Hills Home</a>