Here are four great reasons to consider buying a home today instead of waiting.
Prices Will Continue to Rise
CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.3% over the next year.
The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.
Locally, in Palm Harbor and Dunedin FL the same trend applies.
Prices are rising!
Mortgage Interest Rates Are Projected to Increase
Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage hovered close to 4.0% in 2017. 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 nearly a full percentage point 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.
Recently in the news the head of the Federal Reserve indicated the rates may be raised three times in 2018.
Either Way, You Are Paying a Mortgage
There are some renters who 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’ that 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? It is highly likely you have encounted the landlord that increases the rent about 3% every year. Such practices make it very difficult for a renter to save for a downpayment. Are you ready to put your housing cost to work for you?
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 if 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 YOUR 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.
And about those saving. It is difficult to save money for that downpayment when rent and going up every year.
I have a list of 25 places you can look for FREE money, that can be used for buying a house. I found over $1,500 for myself when I looked last month!
Best of Success,
Annette Lawrence, Broker Associate
Palm Harbor. Fl
727. 420. 4041
Perhaps you are more of a hands-on person. Even when it comes to finding and buying a house. I've got you covered.
You know what to do, Give me a call.