Here are 4 great reasons to consider buying a home today instead of waiting.
1. Prices Will Continue to Rise
CoreLogic’s latest Home Price Insights Report shows that home prices have appreciated by 3.5% over the last 12 months. The same report forecasts prices will continue to increase at a rate of 5.6% over the next year.
Home values will continue to appreciate, so waiting may end up costing you more in the long run.
2. Mortgage Interest Rates Are Forecasted to Remain Low
The Primary Mortgage Market Survey from Freddie Mac indicates that rates for a 30-year mortgage have recently hovered around historically low levels. This is great news for buyers in the market right now, because low rates increase your purchasing power, meaning you can get more for your money.
The Mortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors are in unison, projecting rates will remain steady as we progress throughout 2020, making this winter a great time to consider buying a home.
3. Either Way, You Are Paying a Mortgage
There are some renters who haven’t purchased a home yet because they’re uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you’re living rent-free with your parents, you are paying a mortgage – either yours or that of your landlord.
As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.
Are you ready to put your housing costs to work for you?
4. Waiting May Increase Your Long-Term Costs
The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears prices are on the rise, making waiting a potentially more expensive option.
Look at the actual reason you’re buying and decide if 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 custom renovations, maybe now is the time to buy.
Buying a home sooner rather than later could lead to substantial savings. Let’s get together to determine if homeownership is the right choice for you and your family this winter.