Should You Buy a Home This Fall?
Hard to believe its fall already. With the new season comes thoughts of the upcoming holidays, family get-togethers, and planning for a new year. If you are considering buying a home, here are 4 reasons to act now instead of waiting.
1. Prices Will Continue to Rise
CoreLogic’’ latest Home Price Index reports home prices have appreciated by 6% over the last 12 months. Additionally, it predicts prices will continue to increase at a rate of 5.4% over the next year. The bottom in home prices has come and gone. Home values will continue to appreciate for years. Don’t get priced out of the market.
2. Mortgage Interest Rates Remain at Historic Lows
Freddie Mac’s Primary Mortgage Market Survey reveals interest rates for a 30-year fixed mortgage have remained at or below 3.5% for 13 consecutive weeks. Any increase in rates will impact your monthly mortgage payment. If you wait to purchase a home and rates go up, you may not qualify for the home you want.
3. Either Way You Are Paying a Mortgage
Unless you are living with someone rent-free, you are paying a mortgage – either yours or your landlord’s. Why not take advantage of all the financial, physical and emotional benefits of home ownership?
4. It’s Time to Move on with Your Life
The ‘cost’ of a home is determined by two major factors: price and interest rate. It appears both are on the rise.
But what if they weren’t – would you wait? Look at the actual reason you are buying and decide whether it is worth waiting.
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