3 Reasons to Buy that House NOW!
1.) Prices Will Continue to Rise
The Home Price Expectation Survey polls
a distinguished panel of over 100 economists, investment strategists,
and housing market analysts. Their most recent report released last week
projects appreciation in home values over the next five years to be
between 12.3% (most pessimistic) and 32.8% (most optimistic).
The bottom in home
prices has come and gone. Home values will continue to appreciate for
years. Waiting no longer makes any sense.
2.) Mortgage Interest Rates Are Increasing
As reported by Freddie Mac, interest rates for 30-year fixed-rate mortgages have risen about one full percentage point over recent historic lows.
The National Association of Realtors, the Mortgage Bankers Association, Freddie Mac and Fannie Mae, in their July forecasts, have all projected 30-year-fixed mortgage interest rates to be between 4.8 and 5.1% by this time next year.
An increase in
rates will impact YOUR monthly mortgage payment. Whether you are moving
up or moving down, your housing expense will be more a year from now if a
mortgage is necessary to purchase your next home.
3.) 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 mortgage 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 is time to buy.
If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.
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