Here are three reasons to buy a home right now instead of next spring.
1. Home Prices Will Rise.
CoreLogic’s latest Home Price Index reports that home prices have gone up by 7.0% over the last 12 months. Experts also predict home prices will continue to increase at rate of almost 5% in 2018.
The bottom in home prices has come and gone. Home values will continue to appreciate for years.
2. Interest Rates Are Projected to Rise.
Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have hovered around 4%. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase by this time next year.
3. You are Paying a Mortgage whichever way you look at it.
There are some renters who have not yet purchased a home because they don’t want a mortgage. Guess what? If you are renting you are paying a mortgage. It might not be your own because its your landlords. Why not pay your own?
As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you cane use. As a renter, you are helping your landlord with that equity.
Contact us today to see if buying a home right now will work for you!