Flowers are blooming, spring is in the air, and the housing market is as active as ever. Take a look at these three great reasons why you should consider buying a home during spring.
Home Prices Will Continue To Rise
CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.6% over the last 12 months and predicts that prices will continue to increase at a rate of 4.3% over the next year.
Just to give you perspective, on a $400,000 dollar home that’s around $17,000!
With home prices continuing to appreciate in value, waiting no longer makes sense.
Mortgage Interest Rates Are Predicted to Increase
Freddie Mac’s Primary Mortgage Market Survey noted that in 2017, interest rates for a 30-year mortgage hovered close to 4.0%. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors, all agree in forecasting that rates will increase by nearly a full percentage point by this time next year. Once again, driving up the cost of purchasing a home.
Pay Rent Or Pay Mortgage – The Choice Is Yours
Unless you are living somewhere rent-free, you are paying a mortgage – either yours or your landlord’s.
As a homeowner, your mortgage payment can act as a form of ‘forced savings account’ that allows you to have equity in your home with which you can tap into later in life. As a renter, you’re helping your landlord gain that same equity.
If the right thing for you and your family is to purchase a home this year, buying one sooner rather than later could lead to substantial savings.
If you’re a first time home buyer, consider reading my top first-time home buyer tips!
Ready to take the first step and own the home meant for you? Get in touch