If you are planning on becoming a homeowner or moving up to the home of your dreams in 2015, here are four great reasons to consider buying a home now instead of waiting until spring.
Prices will continue to rise.
A recent survey of over 100 economists, investment strategists, and housing market analysts project appreciation in home values over the next five years to be between 11.7% and 27.5%.
The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.
Mortgage interest rates are expected to increase.
Although interest rates for a 30-year mortgage have softened recently, most experts predict that they will begin to rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison projecting that rates will be up almost a full percentage point by the end of 2015.
An increase in rates will impact YOUR monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.
Either way you are paying a mortgage.
There are some people that have not purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living rent free, you are paying a mortgage - either your mortgage or your landlord’s.
As an owner, the mortgage payment is a ‘forced savings’ which will allow you to have equity in your home you can tap into later in your life. As a renter, you guarantee the landlord is the person with that equity.
Because you want to buy a home.
There really is no more compelling reason than that. When are you going to make it happen?
Look at the actual reason you are buying and decide whether 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 it is time to buy.
Are you thinking of buying a home soon? Contact me with any questions.