Reasons to Buy a Home this Spring
4 Great Reasons to Buy Your Home This Spring!
Consider buying a home today instead of waiting – it could save you money and get you more home.
1. Prices Will Continue to Rise
CoreLogic’s latest Home Price Index reports home prices have appreciated by 6.9% over the last 12 months. They predict the price of a home will continue to increase at a rate of 4.8% 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 on the Rise
According to Freddie Mac’s Primary Mortgage Market Survey. interest rates for a 30-year mortgage have remained around 4% over the last couple months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison, projecting rates will increase by at least a half a percentage point this time next year.
An increase in rates will impact your monthly mortgage payment. A year from now, your housing expense will increase if you need to secure a mortgage to buy your next home.
3. Either Way, You are Paying a Mortgage
Some renters are uncomfortable taking on the obligation of a mortgage. Know this – unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s!
As a homeowner, your mortgage payment is a form of ‘’forced savings’’ paving the way for you to build equity in your home. As a renter, your landlord is the person gaining that equity.
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 2 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 the cost of waiting.
Buying sooner rather than later could lead to substantial savings!