4 Reasons to Buy A Home This Summer
Here are four reasons to consider buying today instead ofwaiting.
1. Prices Will Continue to Rise
CoreLogic’s latest U.S. Home PriceInsights reports that home prices have appreciated by3.7% over the last 12 months. The same report predicts that priceswill continue to increase at a rate of 4.8% over the next year.
Home values will continue to appreciate. Waiting may no longermakes sense.
2. Mortgage Interest Rates Are Projected toIncrease
Freddie Mac’s PrimaryMortgage Market Survey shows that interest rates fora 30-year fixed rate mortgage have started to level off around4.3%. Most experts predict that rates will rise over the next 12months. The Mortgage Bankers Association, Fannie Mae,Freddie Mac, and the National Association of Realtors arein unison, projecting rates will increase by this time nextyear.
An increase in rates will impact YOUR monthly mortgage payment.A year from now, your housing expense will increase if a mortgageis necessary 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 paying a mortgage – either yours or yourlandlord’s.
As an owner, your mortgage payment is a formof ‘forced savings’ which 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 for you?
4. It’s Time to Move On with YourLife
The ‘cost’ of a home is determined by twomajor components: the price of the home and the current mortgagerate. 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 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.