Summer is here. And it’s the perfect time to buy a home.
Here are the reasons you should consider buying a home today, instead of waiting.
Home prices have appreciated by 7.1% over the last 12 months. This is according to the latest Home Price Index report by CoreLogic.
The same report also mentions that prices of homes will increase at a rate of 4.9% over the next year.
The value of homes will continue to increase for years. It makes no sense if you still wait today.
Increasing Mortgage Interest Rates
The interest rates for a 30-year mortgage have remained at 4% according to Freddie Mac’s Primary Mortgage Market Survey.
Interest rates will begin to rise over the next 12 months according to the experts at the Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors.
When interest rates increase, your monthly mortgage payment increases. If a mortgage is necessary to buy your next home, your monthly housing expense will increase a year from now.
There are renters who are not comfortable taking on the obligation of a mortgage. As a result, they have not yet purchased a home.
What these renters don’t realize is, they’re also paying a mortgage, their landlords’.
When you own a home, your mortgage payment is your “forced savings.” It allows you to have equity in your home that you can tap in the future.
If you’re a renter, you are contributing to the equity of your landlord.
Moving On With Your Life
The price of the home and the current mortgage determine the cost of a home. These two are on the rise.
Would you wait if they weren’t?
There are reasons why you’d buy a home now. These may include having a great place for your children to grow up, wanting your family to be safer, or wanting to have a control over renovations.
Buying sooner rather than later could lead to a substantial saving. It could be the right thing for you and your family to purchase a home this year.
At Burgess Group Realty LLC, we help our clients find the best deals in the market today. Let’s meet up so we can help you buy your dream home this summer.