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 Indexreports that home prices have appreciated by 6.7% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.0% over the next year.
The bottom in home prices has come and gone. 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 hovered around 4%. 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 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 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.
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 purchasing a home for you and your family is the right thing for you to do this year, buying sooner rather than later could lead to substantial savings. Come start your home search with me today for accurate and up to the minute data direct from the MLS or give me a call so that we can discuss your unique real estate needs. 803.606.4284
Author:Dustin Johns - Tara Price Phone: 803-606-4284 Dated: September 19th 2017 Views: 334 About Dustin Johns -: Hello! I operate Resource Realty Group, a dynamic Real Estate Brokerage with experts specializing in...
View our latest blog posts in your RSS reader. Click here to access.
Resource Realty Group offers industry-leading expertise in every aspect of real estate. If you're searching for the perfect new home, choosing a beach or mountain getaway, downsizing after the kids head to college, or relocating your business to an exciting new space downtown, we have a team member ready to partner with you to ensure a successful real estate experience. Blending the importance of client needs, superior communication, and adaptability to the constantly changing markets our agents deliver a pleasurable transaction tailored to exceed your needs.
In these days of low interest rates, it can be a great idea to get int
"I sold real estate for a short while in the 80's and Amanda is top notch. The first thing that impressed me was her response "I'll find out." She never said she didn't know. Amanda always responded promptly and was certain to guide us in a way to protect our interest always following realtor etiquette. I will use her again on our next transaction and we refer her often!"