1. Prices Will Continue to Rise
CoreLogic, a leading independent global property information, analytics, and data-enabled solutions provider, recently released their Home Price Insights. Consequently showing home prices appreciating 6.8% over the course of the past year, furthermore a prediction of another 5.1% growth over the coming year.
With this prediction of continued growth, waiting no longer makes sense.
2. Mortgage Interest Rates Are Projected to Increase
Mortgage rates jumped for the fifth consecutive week. The 30-year fixed-rate mortgage rose to 4.72 percent – a high not seen since April 28, 2011 (4.78 percent).
Freddie Mac predicts that due to the robust economy, rising Treasury yields and the anticipation of more short-term rate hikes mortgage rates will continue to move up.
3. Either Way, You Are Paying a Mortgage
For some renters the obligation of a mortgage is intimidating, but what everyone needs to understand is whether you rent or own you ARE paying a mortgage, it may have your landlord’s name on it but YOU are paying it.
Owners make their housing cost work for them with their mortgage payments building equity month after month. Renters make their housing costs work for their landlord.
Don’t you think it’s a good time to start making your money work for you?
4. It’s Time to Move on with Your Life
The two main factors in determining the cost of your future home are the price of the home and the current mortgage rate. With all research pointing to both continuing to rise, the time to buy is NOW.
-“What is the main reason I am buying a home right now?”
-“Is it worth waiting?”
Whether it’s the “white picket fence” dream, a safer community, or simply not being told which paint colors you are or are not allowed to paint your walls, the right time to buy might be … now. If by answering those questions you have determined purchasing a home this year is the right fit for you, buying sooner rather than later could have huge financial savings.