I’m sure you’ve already heard this a thousand times, but now that Spring has sprung, it’s an amazing time to buy a home.
Here are four reasons why you should get started now, instead of waiting till it’s too late.
1. Prices Are Going to Rise
CoreLogic’s latest U.S. Home Price Insights report shows that homes have already appreciated over 4% in the last year! Prices are predicting to appreciate by almost 5% over the next year.
Home values will continue to go up and up, so might as well buy now.
2. Mortgage Interest Rates Are Projected to Increase
Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year fixed rate mortgage came in at 4.41% last week. 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 rates will increase 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
Some renters have not yet purchased a home 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 have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with 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.
If they weren’t on the rise, would you still buy?
Examine 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, greater safety for your family, or you just want to have control over renovations, now could be the time to buy.
There are plenty of resources that can assist you in buying a home this Spring. Contact me today and we can get you started on your home buying journey!