Thinking of purchasing a home this Summer? Here are four reasons why you should consider purchasing NOW!
1. Increasing Prices
Over the last twelve months, home prices have appreciated by 3.7% according to CoreLogic’s latest report on U.S. Home Price Insights. The projections over the next year reflect an additional appreciation of 4.8%. With increases like these, waiting to buy doesn’t make sense.
2. Mortgage Interest Rate Increase Projected
The Primary Mortgage Market Survey compiled by Freddie Mac reflects interest rates over a 30-year fixed rate mortgage have started to average around 4.3%. Experts in the market are predicting the rate will increase over the next twelve months as well. Who are these experts you ask? The Mortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors are all expected this increase to occur.
This increase in Mortgage Interest will impact you and your monthly mortgage payment.
3. Regardless of When You Are Still Paying a Mortgage
You’re probably thinking, “but I am currently renting, I am not paying a mortgage”….well, technically you are right but realistically your rent is just like paying a mortgage. Some renters feel uncomfortable taking on the responsibility of a mortgage payment which hinders them from purchasing a home. We are here to alleviate those stresses and help you realize even if you pay rent, you are actually paying your landlord’s mortgage.
As a homeowner, your monthly mortgage payment is creating equity in your home which you can later tap into if needed. As a renter, your landlord is the one with the equity. Start building your equity today!
4. It’s Time to Make Changes in Your Life
The two major components which determine the ‘cost’ of the home are; the price of the home itself and the current mortgage rate. We’ve explained in reasons 1 and 2 above that those prices are increasing. Let’s say they weren’t increasing, what is holding you back from purchasing now? Really take the time to decide the reason you are buying and decide if it is worth waiting. Whether you are looking for a place to grow your family or a residence you can run your business out of, or you just want to build equity and have control over your own space, regardless of your reasoning, now could be the perfect time for you to buy.
Regardless of your situation, we are here to help make the right choices for YOU! Give us a call today and we would be more than happy to assist you with determining if now is the best time for you to buy.