It’s that time of year; the seasons are changing and with them come thoughts of the upcoming holidays, family get-togethers, and planning for a new year. Those who are on the fence about whether or not now is the right time to buy don’t have to look much further to find four great reasons to consider buying a homenow, instead of waiting.
1. Prices Will Continue to Rise
CoreLogic’slatestHome Price Indexreports that home prices have appreciated by 6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.4% over the next year.The Home Price Expectation Surveypolls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects home values to appreciate by more than 3.5% 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 Remain at Historic Lows
Freddie Mac’sPrimary Mortgage Market Surveyshows that interest rates for a 30-year mortgage have remained at or below 3.5% for 13 consecutive weeks.The Mortgage Bankers Association, Freddie Mac & the National Association of Realtorsare inunison, projecting that rates will increase by this time next year.
Any increase in rates will impact YOUR monthly mortgage payment. A year from now, the percentage of your income that you spend on housing will increase substantially if you choose to wait.
3. Either Way You Are Paying a Mortgage
Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage - either your mortgage or your landlord’s. As apaperfrom theJoint Center for Housing Studies at Harvard Universityexplains:
“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 than renting.”
4. 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 now is the 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:Lori K Lewis Phone: 817-770-1301 Dated: September 28th 2016 Views: 684 About Lori K: ...
Here are TEN THINGS that require no talent. 1. Being on time
"Being a real estate agent isn't an easy job. There are so many emotions involved in every transaction--not to mention numerous obstacles that can derail a deal at any moment. My real estate experience with Kristen was flawless excellence. She is stunningly amazing at her job. She will fight for you as her client. If you forget about something--or better yet, you aren't aware of it--she'll take care of it. Her business initiative and prowess is a beautiful sight to see. And this was a boon to my real estate dealings in Texas. I lived in Colorado and was in the throes of moving to Texas, simultaneously packing my belongings and arranging all the details from miles away (school transfers, renting my current house, etc.). So much going on at the same time! Kristen brought necessary calm to the home buying process. It was a welcome feeling to know that I had someone working for my best interests. And when the obstacles appeared, she gathered all the details and succinctly informed us of our options (all the while providing us with her recommendations and counsel). Now that we're in our new home and the move is over, I feel confident we made the right decision. It was a long journey and it happened over a short period of time. So much had to fall in place at the right time, in the right position, and without fail. The plates were spinning in the air and Kristen was right there helping us as a guide, a champion and a supporter of everything we pursued. If you are thinking about buying and/or selling your home, you would be making a very smart decision by choosing Kristen Correa as your agent. She's not just a real estate professional; she is a competent and capable representative of your life... all when it counts the most."