Reasons To Buy A Home Now

Reasons To Buy A Home Now

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  1. Prices will continue to riseCorelogic’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.

  2. Mortgage Interest Rates Are Projected to IncreaseFreddie 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.

  3. 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.”

  4. It’s Time to Move On with your LifeThe ‘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.


Heather F Davidson Headshot
Author:
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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