Spring has sprung, and it’s a great time to buy a home! Here are four reasons to consider buying today instead of waiting.
1. Prices Will Continue to Rise
CoreLogic’s latestU.S. Home Price Insightsreports that home prices have appreciated by 4.4% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.6% 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’sPrimary Mortgage Market Surveyshows 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. TheMortgage Bankers Association, Fannie Mae, Freddie Mac, and theNational Association of Realtorsare in unison, projecting rates will increase by this time next year.
An increase in rates will impact YOUR monthly mortgage payment. Ayear 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 arepaying 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.
But what if they weren’t? Would you wait?
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.
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.
Author:Keri Pierce Phone: 716-969-1490 Dated: March 12th 2019 Views: 54 About Keri: Let me just be honest. I AM that crazy cat lady but I can definitely help you find the home of your...
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About Kriste Simmons & The Simmons Team of Reliant Realty ERA Powered -931-245-8800
Thank you for choosing The Simmons Team for your real estate needs! We make it our mission to provide you with top of the line services in any type of situation. We specialize in the Clarksville, Montgomery County, Fort Campbell and Hopkinsville areas, but will gladly help you with surrounding areas as well. Our local expertise and wide variety of Real Estate knowledge will benefit you whether you are buying or selling for the first or the tenth time.
The results of the latest Rent vs. Buy Report from Trul
"When it came time for my husband and I to buy a home, we didn't even know where to begin. Kriste took the time to show us step by step for first time home buying. She was patient and made sure that we were comfortable with the choices that we were making. She went above and beyond for our family. Even when there was a bump in the road with financing, she showed us what we needed to do next to get our dream home to close. Kriste will forever be our go to Agent!"