4 Reasons Why Fall is a Great Time to Buy a Home!
Here are four great reasons to consider buying a home today instead of waiting.
1. Prices Will Continue to Rise
CoreLogic’s latest Home Price Insights report reveals that home prices have appreciated by 6.2% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.1% over the next year.
Home values will continue to appreciate for years. Waiting no longer makes sense.
2. Mortgage Interest Rates Are Projected to Increase
Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have already increased by half of a percentage point, to around 4.5% in 2018. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase by half a percentage point to around 5.1% by this time next year.
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.
3. Either Way, You Are Paying a Mortgage
There are some renters who have not yet purchased homes because they are uncomfortable taking on the obligation of 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 which you can then tap into later in life. As a renter, you guarantee your landlord is the person building that equity.
Are you ready to put your housing cost to work for you?
4. It’s Time to Move on with Your Life
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.
But what if they weren’t? Would you wait?
Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over renovations, 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.
To view original article, visit Keeping Current Matters.
Don’t Tackle Selling Your Home on Your Own – an Agent Can Help
A real estate professional can save you TIME and MONEY by managing every step of the process for you!
Early October is the Sweet Spot for Buyers
While home prices are still appreciating overall, you may see some homes with price adjustments from eager sellers this October.
If You’re a Buyer, Is Offering Asking Price Enough?
If you’ve found your dream home, you need to be realistic about today’s housing market and how that impacts the offer you’ll make.
Two Reasons Why Waiting a Year To Buy Could Cost You
If you are hoping that waiting a year might mean better market conditions to purchase a home, you may want to think again.
Is a 20% Down Payment Really Necessary To Purchase a Home?
If you’re a prospective homebuyer, it’s important to know you don’t have to put the full 20% down
Is It Time To Move on to a New Home?
As the past year has shown, our needs can change rapidly. That means the longer you’ve been in your home, the more likely it is your needs have evolved.