Prices will continue to rise – Corelogic’s latest home price index reports that home prices have appreciated by 6.4% over last 12 months. The same report predicts that prices will continue to increase at a rate of 5.2% over the next year. The home price expectation survey polls a distinguished panel of over 100 encomiasts, investment strategists, and housing market analysts. Their most recent report projects home values to appreciate by more than 3% a year for the next 5 years. The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.
Mortgage Interest Rates Are Projected to Increase – Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have started to inch up, most experts predict that they will begin to rise even more over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison projecting that rates will be up almost three-quarters of a percentage point by this time next year. An increase in rates will impact YOUR monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.
Either Way You are Paying a Mortgage - As a paper from the Joint Center for Housing Studies at Harvard University explains - “Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does – as Americans intuit – end up making more financial sense that renting.”
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 whether 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 it is time to buy.
If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.
Author:Heather F Davidson Phone: 609-209-7581 Dated: February 23rd 2016 Views: 523 About Heather: I'm an agent whose business is built on the promise of exceptional customer service. If you are sel...
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Specialties: Buyer's Agent, Listing Agent, Relocation, Short-Sale
I'm an agent whose business is built on the promise of exceptional customer service. If you are selling your home or searching for that special place to call your own, you deserve to work with someone you trust-someone who you know has your best interests in mind. Whatever your particular Real Estate need, I'll work hard to make sure that you are completely satisfied. I have the knowledge, experience, and dedication that it takes to get results.
We hope 2018 is a great year for you, both personally and
Very knowledgeable of area and mortgage practices to show houses that met the criteria of loan needs. Aided in narrowing down a large market are and focus on potential houses. Walk through from beginning to end to acquire house. Her imagination and vision showed the house's potential. Very pleased, and this is coming from a picky and hard to please man..."