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2623 River Road
Vandergrift, PA
United States

(724) 567-5647

Riverview Homes, Inc. is the largest builder of modular, manufactured & mobile homes in Western Pennsylvania, providing quality housing at an affordable price. Family owned and operated since 1970, RHI has an unmatched reputation for customer satisfaction.

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4 Reasons to Buy a Home This Spring

Krysta Taylor

By: Vera Gibbons / Zillow.com

The home buying season is about to get under way, and it’s expected to be a busy one. Here are four factors that are likely to influence buyers.

Low Mortgage Rates

Everyone knows that the low-rate party is coming to end. Zillow is forecasting that mortgage rates – currently around 4 percent for the 30-year fixed – will rise to 5 percent by the end of 2015.

Granted, a 1-percent rise may not sound like much, but it’s a great motivator to get in and buy now. After all, a 1-percent increase in rates reduces affordability by a whopping 11 percent.

Confidence

Zillow’s Housing Confidence Index (ZHCI), which is designed to offer insights into homeowners’ and renters’ intentions and attitudes concerning the housing market, is a forward-looking gauge of housing market health. And things are looking up.

Confidence in the housing market is higher this year than it was last year — among homeowners as well as renters, many of whom are now rethinking their attitudes toward home ownership and are ultimately becoming more interested in buying.

High Rents

Rental affordability is as bad as it’s ever been across the U.S., in part because there are not enough new, affordable units to meet demand. Renters can expect to spend 30.1 percent of their income on rent, while home buyers can expect to spend about 15.3 percent of their monthly income on a mortgage payment.

Those numbers alone are driving renters who can save for a down payment to pursue homeownership. In fact, data from Zillow shows that 5.2 million renters want to buy in the next year. That’s up from 4.2 million renters from the same time last year — almost a 25-percent boost.

Loan Availability

Getting a mortgage is significantly easier than it was a year ago, and the markets are rapidly approaching pre-crisis credit conditions.

What this means to borrowers: Those who last year may have only been eligible for an FHA loan are now being offered conventional loans with private mortgage insurance. As lenders open their doors wider, borrowers have more options, with competitive terms and rates.