Spring Has Arrived & So Has The Spring Housing Market:
4 Reasons To Buy A Home This Spring
Welcome to spring and welcome to the spring housing market. If you've been thinking about buying a home in the Charlotte region this spring, here are four good reasons to do so and not to wait:
1. Home Prices Will Continue to Rise
CoreLogic’s latest U.S. Home Price Insights reports that home prices have appreciated by 4.4% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.6% over the next year.
With no relief in sight for rising home prices due to low inventory, the longer you wait to purchase a home, the more it will cost you to buy one if you wait, especially in the Charlotte region where home sale prices have steadily risen for years.
Charlotte Region Average Home Sale Prices Have Steadily Risen since 2016
2. Your Purchasing Power Will Diminish As Interest Rates Increase
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 all projecting rates will increase by this time next year.
An increase in rates will impact your carrying cost for a new home if you wait to buy. Coupled with the steady home price increases your cost to buy and own a home increases and your purchasing power diminishes.
3. Either Way, You Are Paying a Mortgage... Why Not Build Your Equity & Wealth Instead?
Often renters say 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 a home owner, your mortgage payment is a form of ‘forced savings’ allowing you to build equity in your home that you can tap into later in life. As a renter, your landlord is the person who benefits from that growth in equity. The graph below clearly shows the potential growth in family wealth over the next five based solely based on an incerase in a home's equity. And clearly, the higher-priced a home is, the greater the increase in relative equity.
4. The Cost Of Renting Versus Buying
Have you considered what your cost of renting is versus buying a home? The video below clearly shows that your cost of housing is less when you buy in many markets and you also get to fix your housing costs for years, which you can't do with rent.
If you're thinking of buying a home this spring season, check out our FREE
We've been opening doors for Charlotte region home buyers and sellers for 20+ years. Whether you're considering selling or purchasing a home in the Charlotte metro area, I'd love an opportunity to earn your business, to exceed your expectations, and to show you how:
First published at: https://greathomesincharlotte.com/buying/4-reasons-to-buy-a-home-this-spring/