Four Reasons to Buy a Home This Spring
Here are four great reasons to consider buying a home today instead of waiting.
1. Prices Will Continue to Rise
CoreLogic's latest Home Price Index reports that home prices have appreciated by 6.3% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.5% 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.
2. Mortgage Interest Rates are Projected to Increase
Freddie Mac's Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained around 4%. Most experts predict that they will begin to rise over the next 12 months.
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.
3. Either Way You are Paying a Mortgage
As a paper from the Joint Center for Housing Studies at Harvard University explains:
"Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That's yet another reason owning often does end up making more financial sense than renting."
4. 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 morgage 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 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's time to buy.
Thinking of buying a home? Please copy and paste the link below for a free EGuide that will answer many of your questions. Check it out and feel free to get in touch if you have any questions.
http://bit.ly/freeEGuide
1. Prices Will Continue to Rise
CoreLogic's latest Home Price Index reports that home prices have appreciated by 6.3% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.5% 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.
2. Mortgage Interest Rates are Projected to Increase
Freddie Mac's Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained around 4%. Most experts predict that they will begin to rise over the next 12 months.
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.
3. Either Way You are Paying a Mortgage
As a paper from the Joint Center for Housing Studies at Harvard University explains:
"Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That's yet another reason owning often does end up making more financial sense than renting."
4. 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 morgage 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 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's time to buy.
Thinking of buying a home? Please copy and paste the link below for a free EGuide that will answer many of your questions. Check it out and feel free to get in touch if you have any questions.
http://bit.ly/freeEGuide
