Here are some great reasons to consider buying a home today instead of waiting!
- Prices Will Continue to Rise
The bottom in home prices has come and gone. Home values will continue to appreciate for years.
CoreLogic’s latest Home Price Insight report revealed that home prices have appreciated by 5.6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.7% over the next year.
- Mortgage Interest Rates are Projected to Increase
An increase in rates will impact your monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.
Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have hovered around 4.8%. Most experts predict that rates will rise over the next 12 months.
- Either Way, You are Paying a Mortgage
Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.
As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person building that equity.
- It’s Time to Move On
The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.
Look at the actual reason you are buying and decide if its worth waiting, maybe now is the time to buy!
If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.