If you are planning on buying your home, do it this fall. Here are four reasons you should consider buying your home today and not wait for the next season.
1. Prices of Homes Increasing
Home prices have appreciated by 6.7% over the last 12 months according to CoreLogic’s latest Home Price Index report.
They will continue to increase at a rate of 5.0% over the next year said the same report.
The values of homes will continue to appreciate for years. If you wait for longer, you’ll be paying more.
2. Mortgage Interest Rates Will Increase
Interest rates for a 30-year mortgage have hovered around 4.0% according to Freddie Mac’s Primary Mortgage Market Survey.
Over the next 12 months, most experts say that rates will rise.
The Mortgage Bankers Association, Freddie Mac and the National Association of Realtors all projected that mortgage interest rates will increase by this time next year.
Your monthly mortgage will definitely be affected by this. Your housing expense will increase if a mortgage is needed to buy your home.
3. You Are Paying a Mortgage Either Way
Some renters think that they can escape the obligation of paying a mortgage by not owning a home.
Unless you are living with your parents, you are paying a mortgage, either yours or your landlord’s.
By owning a home, your mortgage payment allows you to have equity in your home that you can tap later.
If you’re a renter, it’s guaranteed your landlord gets that equity.
4. Time to Move On with Your Life
The cost of a home can be determined by the price of the home price and the current mortgage rate.
BOTH are on the rise!
Would you wait to buy your home if they weren’t?
Find out the actual reason you’re buying a home and see if it’s worth the wait.
If you want to have a great place for your children to grow up or you want your family to be safer, now is the time to buy.
At Burgess Group Realty LLC, we help our clients buy their homes. We can help you get yours sooner rather than later so that you can have much savings.
CALL Catherine now at 303.506.5669.