4 Reasons to Buy a Home in the Spring

4 Reasons to Buy a Home in the Spring
4 Reasons to Buy a Home in the Spring | Simplifying The Market

Spring has sprung, and it’s a great time to buy a home!Here are four reasons to consider buying today instead ofwaiting.

1. Prices Will Continue to Rise

CoreLogic’s latest U.S. Home Price Insights reportsthat home prices have appreciated by 4.4% over the last 12 months.The same report predicts that prices will continue to increase at arate of 4.6% over the next year.

Home values will continue to appreciate for years. Waiting nolonger makes sense.

2. Mortgage Interest Rates Are Projected toIncrease

Freddie Mac’s PrimaryMortgage Market Survey shows that interest rates fora 30-year fixed rate mortgage came in at 4.41% last week. Mostexperts predict that rates will rise over the next 12 months.The Mortgage Bankers Association, Fannie Mae, FreddieMac, and the National Association ofRealtors are in unison, projecting rates will increase bythis time next year.

An increase in rates will impact YOUR monthly mortgage payment.A yearfrom now, your housing expense will increase if a mortgage isnecessary to buy your next home.

3. Either Way, You Are Paying a Mortgage

Some renters have not yet purchased a home because they areuncomfortable taking on the obligation of a mortgage. Everyoneshould realize that unless you are living with your parentsrent-free, you are payinga mortgage – either yours or yourlandlord’s.

As an owner, your mortgage payment is a formof ‘forced savings’ that allows youto have equity in your home that you can tap into later in life. Asa renter, you guarantee your landlord is the person with thatequity.

Are you ready to put your housing cost to work foryou?

4. It’s Time to Move On with YourLife

The ‘cost’ ofa home is determined by two major components: the price of the homeand the current mortgage rate. It appears that both are on therise.

But what if they weren’t? Would you wait?

Examine the actual reason you are buying and decide if it isworth waiting. Whether you want to have a great place for yourchildren to grow up, greater safety for your family, or you justwant to have control over renovations, now could be the time tobuy.

Bottom Line

If the right thing for you and your family is to purchase a homethis year, buying sooner rather than later could lead tosubstantial savings.

Buyers