4 Reasons To Buy A Home This Summer

Dated: 06/03/2019

Views: 19

Here are four reasons to consider buying today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest U.S. Home Price Insights reports that home prices have appreciated by 3.7% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.8% over the next year.

Home values will continue to appreciate. Waiting may no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year fixed rate mortgage have started to level off around 4.3%. Most experts predict that rates will rise over the next 12 months. TheMortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors are in unison, projecting rates will increase by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You Are Paying a Mortgage

Some renters have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ which allows you to have equity in your home that 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 cost to work for you?

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?

Examine the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, greater safety for your family, or you just want to have control over renovations, now could be the time to buy.

Bottom Line

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.

Blog author image

Lorraine Miller

If you are looking for “Professional Service with a Personal Touch,” you have found it in Lorraine Miller. Lorraine is passionate about real estate and enjoys connecting her clients to their drea....

Latest Blog Posts

Top 5 Reasons You Should Not FSBO

The top 5 reasons are listed below:1. Online Strategy for Prospective PurchasersRecent studies have shown that 95% of buyers search online for a home. In comparison, only 13% use print

Read More

4 Reasons To Buy A Home This Summer

Here are four reasons to consider buying today instead of waiting.1. Prices Will Continue to RiseCoreLogic’s latest U.S. Home Price Insights reports that home prices have

Read More

Selling Your House: Here’s Why You Need A Pro In Your Corner!

With home prices on the rise and buyer demand still strong, some sellers may be tempted to try to sell their homes on their own rather than using the services of a real estate

Read More

Don’t Let Your Luck Run Out! Buy A Home This Spring!

Interest Rates for a 30-year fixed rate mortgage have dropped to 4.41% from near 5% in 2018.Take advantage of more inventory coming to market in the spring to find your dream home!Buying now will

Read More