Buying a Home this Fall Can Benefit You in the Long Run
Prices Will Continue to Rise
According to CoreLogic’s latest Home Price Index, home prices have appreciated by 6.7% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.0% over the next year.
The lower prices in homes has come and gone. Home values will continue to appreciate for years. Therefore, buying a home this fall 2017 is ideal.
Mortgage Interest Rates are Projected to Increase
Interest rates for a 30-year mortgage have hovered around 4%, according to Freddie Mac’s Primary Mortgage Market Survey. The majority of experts predict that rates will rise over the next 12 months.
Increasing rates will impact your monthly mortgage payment. Therefore, a year from now, your housing expense will increase if a mortgage is necessary to buy your next home.
You Pay Mortgage Either Way
Some renters have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. However, you are paying for a mortgage, whether it’s yours or your landlord’s.
As an owner, your mortgage payment is a form of ‘forced savings’. This allows you to have equity in your home that you can tap into later in life. Conversely, as renters, your landlord is the person with that equity.
It’s Time to Move Forward with Your Life
Two major components determine the ‘cost’ of a home. These are the price of the home and the current mortgage rate. It appears that both are on the rise.
Consider the actual reason you are buying and decide if it is worth waiting. Regardless if 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 the time to buy.
Contact one of our real estate agents with the link below to start your home buying process today!