You most likely have seen recent reports detailing whether or not prices and mortgage interest rates are going up or down... wondering when it would be the ideal time to buy your next home. Here is a recap:
- Monthly housing prices have risen year-over-year for three years in a row now.
- Mortgage interest rates are slowly rising but they are still very low.
So, you could wait and hope for prices to fall, but there are a couple of problems with that scenario:
1. It would take an economic recession to lower prices. In addition, you most likely won't even know if you're in or out of a recession until the pundits inform you... which is usally already after the fact.
2. Mortgage interest has been kept low for five years now. With the steady gains in employment and the growing economy, it's highly unlikley they will go any lower soon.
Reality is there is never ever a perfect time to buy a home. And most certainly you should not buy because you are looking for guaranteed monetary gain. And while real estate can provide such at times, you should buy your home mainly to house and raise your family, be close to relatives and friends, as well as work and venues you like... and to stop paying rent making your landlord rich.
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